First Place Bank and The Dan Moralez Mortgage Team are pleased to be one of the premier construction lenders in Michigan. In order to help you better serve your clients we have put a page of resources together for you. On this page you will find our general policies as well as various forms that will help to expedite the construction process for you.
Builder Approval
All builders who will be building a home financed by First Place Bank are required to be reviewed as part of our builder approval process. We will review your trade references, previous clients and other references. In addition, we will verify your license is in good standing with the State of Michigan. In addition, we may review your personal or corporate credit reports. Once you have completed the builder approval process you will not be required to complete it again for future projects. Click here to download our Builder Application (there is no charge for builder approval).
Starting Construction
Under NO circumstances should you start construction prior to the closing of the construction loan. This can jeopardize loan approval and may make the loan in eligible for title insurance. If you are on a tight deadline, please contact our office to discuss timing so that we can work with you to serve our mutual client.
Construction Loan Agreement
Prior to the disbursement of any funds and at the time of the client’s construction loan closing, First Place will require that you execute our Construction Loan Agreement with the borrower. A blank copy of the current agreement is available as part of our Construction Loan Handbook for builders. Please contact our office for a copy. No disbursements can be made on the construction loan until the agreement is executed by all parties.
Draw Processing
Every draw request requires a completed draw authorization form. This form must be fully completed, signed by the clients and signed and notarized by you the builder. Improperly completed forms can result in a delay in your draw processing. We strive to fund draws within 48 hours upon receipt of all necessary documentation.
Please keep in mind that you cannot draw for work that is not completed. In addition, the amount of funds available as items are completed is generally limited to our draw advance schedule. A copy of this schedule is available as part of our Construction Loan Handbook for builders. Please contact our office for a copy.
All construction draws our handled by our construction draw team. They can be reached via e-mail at fpbconstruction@fpfc.net or via telephone at 877-271-1122.
Questions/Concerns?
It is our strong desire to insure a smooth building process for both our clients as well as the builders we have the honor of working with. If we can be of assistance to you, please do not hesitate to contact our office.
