Owner Occupied Construction Loan Prog. 1, Most Flexible
- 6.5% @ 1 point, 5/6 ARM, 6.5% for 5 years and then adjusts every 6 months. Lending off the “as completed” appraised value one year after owning the vacant lot. No loan-to-cost calculation at that point. This can allow a more highly leveraged transaction when there is a good spread between your total project cost and the “as completed” appraised value.
- 6.917 APR* (Annual Percentage Rate)
- This program also allows a rent survey on your current house and uses 75% of market rents on that house to partially or completely offset that PITI (principle, interest, taxes and insurance). This keeps you from having to qualify with both house payments as far as debt ratios. 50% debt ratios here. Single Close.
- click for details
Owner Occupied Construction Loan Prog. 2, Best Pricing Option
6.5% @ .75 points, 30 Year fixed. Lending off “as completed” appraisal 1 year after property ownership on rehab/addition. On ground up, lending off the lesser of LTC (loan-to-cost) or LTV (loan-to-value). Float down to market rates if lower when the house is done without re-qualifying or re-documenting the loan. Single Close.
- 6.877% APR* (Annual Percentage Rate)
- 80% to $2M, 70% to $3M, 65% to $4M, 60% to $5M, 55% to $20M. Add .25% to points if loan amount under $500,000.
- click for details
Construction Loan Prog. 3 for non-GCs acting as their own GC
- 7.5%% @ 2.25 points, 30 Year fixed. Unique single close construction loan for those in the construction industry (e.g., architect, foreman for someone else’s construction company, electrical contractor, project manager, etc.) to act as their own general contractor when clearly building their own primary residence). 80% of the “as completed” appraised value as early as one day after the vacant lot or tear down purchased. Float down to market rates when the house is done.
- 7.935% APR* (Annual Percentage Rate)
- Single close
- click for details
Multi Family Construction Loan Prog. 4
- 9.00% @ 1.5 points for 18 months (variable at 1% over Prime Rate)
- 9.931% APR*
- Up to 75% LTC (loan-to-cost) when 65% LTV (loan-to-value) depending on the loan amount.
- click for details
SPEC Construction Loan Prog. 5….Market Leading
- 8.5% @ 1.25 points for 15 months, construction loan only, for SPEC financing where the exit strategy is to sell the property. Experienced builder/developers.
- 9.326% APR*
- Up to 80% loan-to-cost. This is Prime + .5% variable with the Prime Rate. Brokers welcome. Loan amounts under $400,000, add .25 points to fees. 18 months only 1.5 points, and if in and out in 15 months, you get .25 points back.
- click for details
Call for construction loans on agricultural land and large acreage. BROKERS WELCOME ON ALL PRODUCTS.
* APR (Annual Percentage Rate) based on $500,000 loan amount, or program minimum loan amount.