Ciera Bank is a community bank with a few offices in the Metroplex. They do not do first mortgages so they are a good option for us for lot loans and construction loans

Residential Construction:

Two-Time Close Program Summary with Cierea Bank:
Primary Contact: Jimmy Carrick, VP Commercial Lending, 321 West Oak Street, Denton, TX 76201 | O: 940-442-5320 | C: 940-282-7730 | [email protected]
8 Locations: Denton, Aledo, Aubrey, Bryson, Flower Mound, Fort Worth, Graham, Burleson
Lending Area: All of DFW but do confirm the location with Jimmy before moving forward.
Lending Focus: Ciera prefers interim financing, not permanent financing. They do not offer 30-year fixed mortgage options, only 1, 3 & 5-year ARMS.
Loan Overview: The construction loan is a Ciera Bank loan, not a Red Diamond loan, nor are we brokering the loan. It is a referral to Ciera Bank only.
General Guidelines:
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Builder Registration: If the builder has not done business with Ciera they will need to be registered. Ciera will handle that directly.
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Draw Schedule: They will tailor the draw schedule to the builder/borrower’s needs, which is very important.
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Construction Rate: They do use a credit score model for pricing. Their current best rate during construction is the current prime rate of 8.5%. They may adjust that higher based on the risk characteristics of the loan.
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Lot Loans: Lot loans are available and generally will have a two-year interest-only term.
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Acreage: Acreage is okay. They operate in rural areas and are not afraid of rural scenarios.
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Permanent Loan: We will provide permanent financing upon completion of the project. This will be a refinance of the construction loan.
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Feel free to reach out to Jimmy Carrick with a loan scenario. They say they are very flexible and not boxed in by a Fannie Mae type of matrix.
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Compensation: Most importantly they will split the origination fee with Red Diamond. This means you can receive compensation from the initial closing and receive normal compensation from the refinance of the construction loan. For 2023 originated loans we will give 100% of any Red Diamond Origination fee collected to the loan officer.

Small Commercial Loans

Residential Lot Loans

Farm Loans

No Residential Lending

Referral only:  1/2 a point maximum compensation.  Ciera is a good referral for a two time close client.