With the new construction market recovering, Prospect Mortgage has unveiled a new division of lending for the market.

With the U.S. Census Bureau reporting an increase of more than 25 percent in new housing permits in the first half of 2012 (as compared to 2011), Prospect Mortgage has announced a new platform to finance new single-family homes and condos.

One of the nation’s largest independent residential retail lenders, Prospect Mortgage’s new platform supports homebuyers, homebuilders, developers and real estate agents in an improving new construction market.

Prospect Mortgage – New Construction Programs

Prospect Mortgage has three new programs and services geared for the new construction marketplace:

• The extended rate lock program allows eligible buyers to lock in their interest rate at the time a loan application is completed for an unfinished home.
• The spec lock program allows builders to lock in an interest rate on up to three new home construction projects for up to 120 days – and pass this interest rate on to their customers when the property sells.
• Prospect also offers builders condo project approval services to alleviate paperwork and expedite projects.

Michael Kelly, senior vice president of the new construction division, said Prospect’s new offerings derive from the lender’s understanding of how new construction operates.

“Prospect’s loan officers understand the complexities of new construction subdivision and condo projects and the unique needs of homebuyers,” Kelly said. “They’re here to assist consumers in evaluating their ability to qualify for financing and helping the builder’s sales team in coordinating special events and seminars to increase model home traffic and generate more sales.”