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|New Construction or Rehab, Bay-Vanguard has the best loan for you.
If you are ready to turn those construction drawings into reality it is time to contact the
experienced loan professionals at Bay-Vanguard. They will help you complete the loan process as
quickly and easily as possible. Once construction is underway, you want to be sure that the work
proceeds on schedule. It is important to keep the construction funds flowing. Bay-Vanguard normally
funds draw requests within three days. If you are considering another lender make sure you ask how
long they take to fund a draw request. In some cases it is two to three weeks.
When construction is complete your loan is automatically rolled over to a permanent mortgage at a
rate you locked in at settlement. You have saved money by only going through settlement one time.
The neighborhoods of Federal Hill, Locust Point and Canton have led the way in a rebirth of city
living. Homebuyers are purchasing older homes and doing a complete renovation. Although the financing
of these projects is very similar to financing new construction, many lenders are not familiar with
the process and do not make this type of loan. Bay-Vanguard has been providing purchase/rehab loans
to homeowners for over thirty years. Your loan amount is based on the completed value of your home.
Funds for the purchase of the property are advanced at settlement. The remaining funds are advanced
as construction progresses. Just like new construction, you only pay interest on the funds that have
been advanced during the construction period. The loan is rolled over to a permanent mortgage at the
end of construction. All with only one settlement.
Bay-Vanguard's dedication to service excellence begins with our first contact and continues through the final
payment on the loan. Your loan will be serviced locally by Bay-Vanguard. If you have a question or a
problem you will receive a quick response from our loan professionals. If service is important, you should
make Bay-Vanguard your lender.