Short-term (usually 3 years) real estate financing secured by a mortgage on the property being financed. This loan is meant to cover the cost of land development and building construction, and is disbursed (1) as needed, (2) as each stage is completed, (3) according to a prearranged schedule, or (4) when some condition is met. Construction loans are paid off from the proceeds of permanent financing (usually for 20 to 30 years), which in turn is repaid from the cash flow generated by the completed building, and is arranged before the construction loan is disbursed. Also called building loan, construction mortgage, or development loan.
- Loan amounts from $100,000. to $3,000,000.
- Loan 80% CLTV 75% LTV
- Rate 6.25% – 9.99%
- Land purchase may be included in the construction loan.
- Quick pre-qualification, typically within 3 business days
- Loans are available to Borrowers with less than perfect credit
- Flexible draw schedules
- 1 to 4 SFH
- 18 month construction term
- NO UPFRONT FEES CHARGED
- We work with the following:
- RESIDENTIAL INVESTORS
INVESTORS & GC’s
SPEC HOME BUILDERS/INVESTORS