Construction

For those looking to build 1-8 unit non-owner occupied properties prior to sale or transitioning to a long term loan.

Details

• Term: 6-18 months

• Amount: $100k – $1.5M

• Interest Rate: 10-12% based on loan amount, % LTV, experience and credit score

• Up to 60% ARV

• 1st liens only- no subordinate liens

• Flexible draw schedule

• Interest-only payments (only paid on money drawn)

• No prepayment penalty

• One-time $250 application fee (if online application is accepted)

• Underwriting & closing costs paid as incurred (not noted, appraisal, legal paperwork, title insurance, credit report)

• 2-4 point origination fee 

Requirements

• Must own or be under contract for land with proper zoning

• Cash flow minimum of all closing costs, 6-months interest + 15% construction budget

• 680 Minimum FICO Score

• Completed Application (with releases)

• Last 2 years’ tax returns

• 6 months most recent bank statements

• Copy of driver’s license

• Itemized budget and schedule

• Builders risk insurance policy

• No SRO’s, Condo’s, Primary Residences, Assisted Living or nursing homes, environmental issues