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Financing a Prefabricated Home or Commercial Structure 2020


So you want to finance your prefab home or commercial structure? With interest rates at an all-time low, it can be one of the best times to finance your project and make your dream a reality. 

Without the proper knowledge, this process can be frustrating, requiring extensive research to find the right lender for your new construction project. 

We want to do everything we can to help you build your structure from dirt to door nobs. For this reason, we have partnered with New Century Bank to streamline the lending process.

What Will Be Covered:

What type of loan do I need to finance my prefab home or structure?

The first loan required will be a construction loan. Individuals who build a new home or commercial structure always need a construction loan when financing is required. 

Once the construction process is finished, the loan can transfer into a mortgage or other loan types. This will be discussed in further detail once we connect you with our lending partner, New Century Bank

What is a Construction Loan?

“A construction loan is a short term loan, generally for up to one year, which provides multiple advances which pay contractors and suppliers for material and labor. Only interest is paid during construction.” (New Century Bank, 2020) This loan may also be used to purchase the land itself. You can also choose to take out a separate loan for the land, depending on your circumstances. 

When using our partnered bank New Century Bank, all of this can fall under one roof, easing complications that otherwise could be encountered in the lending process.

Construction costs that are eligible to be covered in the construction loan draw by New Century Bank

  • Trinity Building Systems package cost and delivery 
  • Permitting costs
  • Construction labor cost
  • Land purchase or land debt
  • Excavation
  • Foundation and site preparation
  • Engineering and permits
  • Basement finish
  • All utilities including delivery and hookup
  • Driveways and roads
  • Landscaping, pool, hot-tubs, detached storage buildings, and other items you may desire

What is the lending process for building a prefab home or structure with Trinity Building Systems?

  1. Come prepared with an idea of what you wish your custom structure to be or choose one of our predesigned packages (either way, you will have the freedom to customize along the way).
  2. Fill out a request for a quote, or contact page form, checking the box that says you are interested in financing, while also providing us with any other relevant information to your project (you may also choose to call and discuss your project).
  3. You then will be connected with one of our specialists to discuss your project in more detail (design, estimated budget, what you would like to customize, etc).
  4. Once we have a full understanding of the project and an estimated cost for your material package, we will connect you with a representative from New Century Bank.
  5. From there, the New Century Bank representative will walk you through the lending process, each step of the way (we will make sure to keep in close contact with your bank representative, helping out with the process any way we can).

You may also choose to work with your own lender. This process is specific to financing through New Century Bank, our partnered lender.

If you have any questions about the financing process, please feel free to fill out our contact form or give us a call!

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