mvfcu.com

Commercial and Construction Loans
Program Summary and Online Application Access Below

Commercial and Construction Loan Types available at MVFCU
Commercial Real estate (improved, unimproved)
Commercial Equipment	Assignment of escrow receivable
Commercial Vehicle	Lines of credit
Commercial Aircraft	Letters of credit
Commercial Boat	Stock or bond secured
Preferred Marine Mortgage	Note receivable

We have several specific loan application packages available.
Please review the brief summary listed below.

Commercial or Business Loan Application Package
MVFCU members are able to obtain a business loan from the credit union for a multitude of different purposes. This package would be used for all member business loan requests other than construction loans. This application package helps us to better understand the specifics of the individual or business applying for the loan as well as the nature of your loan request.

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Commercial Construction Loan Application Package
MVFCU members are able to obtain construction loans for various commercial building projects. In most instances, the construction loan will be a one loan closing process if the property will not change ownership upon completion or if a specialty long-term loan program is not required. Because of the wide variety of commercial buildings and projects that can be constructed it is best to speak with a commercial loan officer. Usually the member will need a sizable investment in the project.

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Residential Construction Loan Application Package
for the Professional Builder
MVFCU members who are licensed general contractors, who construct homes for a living, may receive an interim construction loan to build a home for resale. The interim construction loan will most probably be for a pre-sold home.  If there is not a buyer under contract for the project the credit union will consider each request on a case-by-case basis. Supplemental packages are also available for home construction projects that require compliance with FHA or VA construction requirements.

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Residential Construction Loan Application Package
for the Owner-Builder
MVFCU members are able to apply for a construction loan as an owner-builder.   Typically, the owner-builder will personally manage or significantly participate in the construction of their new home.   The paperwork we supply helps to keep the owner-builder organized and makes it easier for them to gather the required documentation and knowledge to engage in the construction process.  Members must demonstrate the ability to manage a construction project,or may be required to have a knowledgeable industry professional look over their shoulder.  Members are encouraged to have a strong equity position in the project up front and sufficient reserves for allowances for cost and time over-runs. 

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Residential Construction / Permanent Loan Application Package
MVFCU members are able to combine the construction loan process with a permanent loan for projects that would not normally qualify for conventional mortgage loan financing.  Projects that fall into this category may include; a lakefront cabin, a partially completed home, acceptable but atypical construction techniques, etc. Members are encouraged to have a strong equity position in the project up front and sufficient reserves for allowances for cost and time over-runs. 

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•	Rates, terms and fees will vary depending on your individual circumstances and project. Consultation with a Construction or Commercial loan officer is recommended.
•	These loan application packages are available at all of the MVFCU community office locations.   We would also be happy to fax or mail an application package to you.
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