Alcove
$1,742/mofor 30 years
Financing for Terrace
- —5.9% APR
- —30½ year term
- —$0/mo for 8 months
Financing an ADU is painful.
Terrace makes it simple.
- —APRs as low as 5.9%
- —No payments or interest for 8 months
- —As little as no money down
- —No need to touch your existing mortgage
Designed for Terrace. Only at Alcove.
See your estimated rate →
What you could pay:*
Other backyard financing
$2,614/mofor 20 years
Home equity loan
- —8.7% APR
- —20 year term
*Rates shown for a second mortgage assuming a $284,000 Terrace purchase price with no downpayment. Available rates, terms, and product offerings will depend on your own financial situation.
It can be painful to finance a backyard home. That’s why we built Financing for Terrace, with lower rates and more flexible terms than a typical second mortgage.
Rates in line with a first mortgage — meaningfully lower than most second mortgages.
No payments and no interest for the first eight months while your permits clear.
Finance up to 100% of your Terrace, including installation and closing costs.
Available for a primary residence, a second home, or an investment property.
No refinancing needed, fewer fees, and no prepayment penalties, ever.
Built for Terrace and nothing else. Only available through Alcove.
How it stacks up
Financing for Terrace
Construction loan
Home equity line of credit
Home equity loan
Cash out refinance
Borrow up to 100% of project cost*
No refinancing
No inspections
No payments or interest for 8 months
Fully values the unit in your post-installation property estimate
* Eligible applicants can borrow up to 85% of their post-installation property estimate
