Ultimate Renovation Loan
Or if you’ve found the right house to purchase but it needs an update to transform it into your home, the Ultimate Renovation Loan can be used as your primary mortgage to efficiently purchase your new property and plan for improvements at the same time.
Whether you’re making an addition to your home, designing a gourmet kitchen, or finishing the basement to increase your living space, enjoy the freedom to dream big, as we structure your loan based on the expected appraised value of your home after it is renovated.
Key Features of the Ultimate Renovation Loan:
⦁ Renovation of single-family home only
⦁ First lien1 and second lien2 loans available
⦁ Minimum loan amount is $25,000. Maximum loan amount based on “After Renovation”3 loan to value (LTV).
⦁ No maximum repair amount as long as the renovation costs do not exceed 75% of the After Renovation appraised value of the property3
⦁ Repairs or improvements must be permanently affixed to the property
⦁ Can be used on a primary residence or second home
⦁ Minimum of 660 FICO® credit score

Give your home the upgrade it deserves and let us help you finance it. As you plan your ultimate home renovation, contact your Private Banker to learn more about this program.
Disclosures:
Commerce Bank Mortgage supports the markets and communities within our geographic regions and reserves the right to limit the geographic area in which loans will be made. Commerce Bank Mortgage does not lend in California and Maryland.
1. First lien loans up to $1,000,000 may qualify for 95% After Renovation LTV. Loans exceeding $1,000,000 and up to $1,250,000 in value may be eligible for 90% After Renovation LTV. Loans exceeding $1,250,000 and up to $2,000,000 in value may be eligible for 85% After Renovation LTV. Loans subject to credit approval.
2. Second lien loans up to $2,000,000 in value may qualify for 80% After Renovation combined loan to value (CLTV – including both first and second lien loans). Loans subject to credit approval.
3. Appraiser will determine the current value of the property plus the added value of the renovations.
The Private Bank at Commerce Trust is a business unit of Commerce Trust, a division of Commerce Bank. Products and services referenced here are available through bank and non-bank affiliates of Commerce Bank.
Commerce Trust does not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Past performance is no guarantee of future results.