Ground Up Construction
Short Term
Finance your new
construction projects
Designed to provide builders and investors the financing they need it for ground-up construction and land acquisition offering underwriting flexibility and quick closing process not available from conventional financing.
Ground up Construction Terms
PROPERTY TYPE
Homes with 1-4 Units ( 5 units and above on a case by case basis)
Loan Amount
100,000.00 to 3,000,000.00 ( up to 10,000,000.00 subject to longer approval time)
TYPE OF LOAN
Short Term Loan with Interest only payments with ballon payment at maturity
MAXIMUM LOAN TO COST
80%
MAXIMUM LOAN TO ARV
N/A
MAXIMUM LOAN TO VALUE
70%
Term Length
Up to 18 months + 6 months extension
BASE RATE
10.5% (Interest Only payments on disbursed amount)
MINIMUM FICO SCORE
700
PREPAYMENT PENALTIES
NO PREPAYMENT PENALTIES
FOREIGN NATIONALS
ACCEPTED + 0.25 to base rate
REQUIREMENTS
- EXPERIENCE : 2 previous projects
- Entity Documents (LLC or Corp)
- Rehab Budget
- Evidence of Insurance
- Non Owner Occupancy Certification
- SSN for credit Report and background check