Education first
We explain how construction financing works before we ask for an application, so you understand your options before you commit.
About NewBuild
NewBuild is a construction lending program of Preferred Rate.
Our team helps buyers finance their land, their build, and their mortgage in one loan, and the NewBuild System keeps them informed along the way. Preferred Rate is a DBA of American Pacific Mortgage.
Our story
How we started doing construction loans
NewBuild grew out of the Arrowood Team at Preferred Rate. After many years helping families buy and refinance homes, we had the chance to take on our first construction loan. We were cautious. Our reputation is built on doing right by people, and if we got it wrong, it would hurt people who trusted us.
We learned that we could do these loans well, but only with processes built specifically for construction: builder approvals, draw schedules, inspections, and staying in close contact through the build. We made some early mistakes and learned from them.
Along the way, we found that we were good at it. Construction loans can be hard to find, so we decided to specialize in them.
We started with manufactured and modular homes. Word got out that we could close VA one-time close construction loans, and we began doing site-built homes too. Today we close them across six Southeast states, through the NewBuild program and the NewBuild System behind it.
Our team
A small, dedicated team
Tim Arrowood · Cindy Faulkner · Kevin Cooper · Rhonda Hendrix · Amy Lay
You'll work with the same small team the whole way, so you won't have to re-explain your project or get passed around.
Available 8:30 AM to 6 PM ET, Monday to Friday · (423) 406-1567
How we work
What you can expect from us
We stay through the build
We manage the draw schedule after closing, so your builder gets paid and your project keeps moving.
Honest answers
If a construction loan isn't the right fit, we'll tell you, and we'll help you see what would make it work.
Proof
Our track record
260+ five-star Google reviews
Since 2023 closing one-time close loans
6 states across the Southeast
Read stories from our VA, FHA, and conventional construction clients, or see our Google reviews (opens in a new tab).
FAQ
Frequently asked questions
Is NewBuild a lender?
No. NewBuild is a construction lending program of Preferred Rate. Loans are originated through Preferred Rate, a DBA of American Pacific Mortgage Corporation, NMLS #1850.
Who originates my loan?
Tim Arrowood, NMLS #393468, Originating Branch Manager, leads our team. Every loan is worked by the same small team from start to finish.
Can I visit your office?
Yes, by appointment. We're at 119 Boone Ridge Road, Suite 203, in Johnson City, Tennessee. Most clients work with us by phone and video, and either way works. See contact.
Where do you offer construction loans?
Tennessee, Virginia, North Carolina, South Carolina, Georgia, and Kentucky. See where we serve.
Do you only do construction loans?
Construction loans are our specialty, through the NewBuild program. Preferred Rate also helps with home purchases and refinancing, so you can stay with the same people after you move in.
Your land. Your build. Let's talk it through.
A free consultation is 20 minutes. We cover your land, your eligibility, and the right loan structure. No application required.
Tennessee · Virginia · North Carolina · South Carolina · Georgia · Kentucky
Schedule a Free Consultation (opens in a new tab)
20 minutes · no application · no commitment
NewBuild is led by the Arrowood Team at Preferred Rate. 260+ five-star Google reviews.
Prefer to reach out directly?