Construction Loans

Construction loans are multiple advance loans to finance construction of a dwelling that may be permanently financed by the same creditor either as a single transaction or as more than one transaction. This module should be used if the creditor chooses to disclose the construction phase separately. If the creditor chooses to disclose the construction and the permanent financing as one transaction, please see the Construction field for the appropriate Loan module which supports the permanent loan's repayment structure.

Sample Request

The following example is a request for a construction loan with no permanent loan attached, with a proceeds of $100,000, interest will accrue at a 4.5% rate using a unit period / 360 U. S. Rule accrual method (accrual code 301). There will be 11 monthly interest only payments with an additional final payment paying off the loan. As the schedule of advances are not known at this time and interest is only due on the outstanding balance, we will assume that half the commitment amount is outstanding during the term of the loan. Furthermore, we will ask the SCE to return the individual interest only payments instead of using the Simple method which returs a single lump sum interest amount.

{
  "Module" : "Construction",
  "Data" : {
    "LoanDate" : "2022-08-24",
    "PmtDate" : "2022-10-01",
    "IntRate" : "4.500",
    "Term" : "12",
    "PPY" : "12",
    "Proceeds" : "100000.00",
    "HalfCommitment" : true,
    "Settings" : {
      "AccrualCode" : "301",
      "ConMethod" : "InterestOnly"
    }
  }
}

Sample Response

The following example is the response returned from the SCE for the request provided at the beginning of the previous section.

{
  "Result" : 200,
  "Module" : "Construction",
  "Data" : {
    "Errors" : [
    ],
    "Warnings" : [
    ],
    "Results" : {
      "Payment" : "100000.00"
    },
    "FedBox" : {
      "AmtFin" : "100000.00",
      "FinChg" : "2306.25",
      "TotPmts" : "102306.25",
      "APR" : {
        "Value" : "4.509",
        "Type" : "Actuarial"
      }
    },
    "Moneys" : {
      "Principal" : "100000.00",
      "Interest" : "2306.25"
    },
    "Accrual" : {
      "Method" : "Unit Period 360 US Rule",
      "Days1Pmt" : "38",
      "DayCount" : "Actual",
      "Maturity" : "2023-09-01"
    },
    "PmtStreams" : [
      {
        "Term" : "1",
        "Pmt" : "237.50",
        "Rate" : "4.500",
        "Begin" : "2022-10-01"
      },
      {
        "Term" : "10",
        "Pmt" : "187.50",
        "Rate" : "4.500",
        "Begin" : "2022-11-01"
      },
      {
        "Term" : "1",
        "Pmt" : "100193.75",
        "Rate" : "4.500",
        "Begin" : "2023-09-01"
      }
    ],
    "AmTable" : {
      "GrandTotals" : {
        "PmtTot" : "102306.25",
        "IntTot" : "2306.25",
        "PrinTot" : "100000.00"
      },
      "SubTotals" : [
        {
          "Year" : "2022",
          "Start" : "1",
          "Events" : "3",
          "PmtSub" : "612.50",
          "IntSub" : "612.50",
          "PrinSub" : "0.00"
        },
        {
          "Year" : "2023",
          "Start" : "4",
          "Events" : "9",
          "PmtSub" : "101693.75",
          "IntSub" : "1693.75",
          "PrinSub" : "100000.00"
        }
      ],
      "AmLines" : [
        {
          "Idx" : "1",
          "Date" : "2022-10-01",
          "BegBal" : "50000.00",
          "Pmt" : "237.50",
          "Int" : "237.50",
          "Prin" : "0.00",
          "EndBal" : "50000.00"
        },
        {
          "Idx" : "2",
          "Date" : "2022-11-01",
          "BegBal" : "50000.00",
          "Pmt" : "187.50",
          "Int" : "187.50",
          "Prin" : "0.00",
          "EndBal" : "50000.00"
        },
        ...,
        {
          "Idx" : "12",
          "Date" : "2023-09-01",
          "BegBal" : "100000.00",
          "Pmt" : "100193.75",
          "Int" : "193.75",
          "Prin" : "100000.00",
          "EndBal" : "0.00"
        }
      ]
    }
  }
}