For Millstone Township builders, contractors and owners: business-purpose loans to build or renovate a house to sell or rent, renovation loans for the home you live in, and how the money for the work is paid out. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Millstone Township, a different municipality from Millstone borough in Somerset County, has about 10,400 residents and about 3,500 homes by the Census Bureau’s 2020 to 2024 estimates.
About 500 employed residents, an estimated 9.6 percent, work in natural resources, construction and maintenance occupations, and an estimated 14.3 percent work in their own incorporated business. The Census estimate of the median owner-occupied home value is about $737,400, with a wide margin of error.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Millstone Township, and we lend across New Jersey.
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
These are business-purpose loans for investment property, never for a home you live in, and you sign a statement saying so.
A short-term loan for an investor who buys a lot and builds, or builds on land already owned, to sell the house or keep it as a rental. A new build needs plans or a permit, a feasibility report and your contractor’s details.
Construction loansA short-term loan to buy a house and renovate it, then sell it or refinance into a long-term mortgage. Money for the work is paid out in draws, stage by stage.
Fix and flip loansYour record of finished projects shapes the terms, and investors new to this are considered for purchases, on tighter terms.
How draws workAt closing, the purchase or payoff is made, but the money for the work is not handed over. The lender holds it and pays it out in stages, called draws, as each stage is finished.
An inspection first. Before a draw is paid, an inspector visits and confirms how much of the work is complete. Materials bought but not yet installed are not paid for.
The budget is set at the start. The work is listed line by line before closing, with a line for surprises, and changes to the plan need the lender’s agreement first.
Interest as drawn. On our fix and flip loans, interest on the renovation money is charged as each draw is paid out, not from closing.
One mortgage, one closing: a renovation loan can buy a home and pay for its work, or refinance the house you own and pay for the work on it. The loan is based on the home’s value once the work is finished.
On a renovation mortgage the draws go to your contractor, after an inspector checks each stage. It cannot be used to tear a house down and rebuild, and it does not pay out cash to you.
Building a new home to live in? Talk to a loan officer about your plans before you buy land or sign with a builder. The investor loans above are never for a home you live in.
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
No. Investor construction, fix and flip and bridge loans are business-purpose loans; the property is never your home.
In draws. The lender holds it back and pays each stage after an inspector confirms the work is done.
No. They pay to repair or improve a house that stays standing, not to knock it down and build again.
No. Millstone Township is in Monmouth County and Millstone borough is in Somerset County; the figures on this page are the township’s.
Get a quote online, or call us and talk it through with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.