Details:
Single-Close Construction Loan
6.5% on a 5/6 ARM @ 1 point. 6.5% for 5 years and then adjusts every 6 months.
6.917% APR (annual percentage rate)
NEW: Lending off the “as completed” appraised value one year after owning the vacant lot.
This single close construction loan program is also the permanent financing. The construction period is at least 12 months, during which time the loan is interest only on the amount drawn, at the above interest rate. This loan has no prepayment penalty. If construction is 12 months, when the house is done, this loan would be fixed 4 more years and 29 year amortization would begin at that point. You do not have to re-qualify, re-document the loan, or get the house re-appraised. 18 months construction at the same rate.
On this program, we do:
80% to a loan amount of $2,000,000
75% to $3,000,000
70% to $3,500,000
65% to $4,000,000
Ground up construction. No owner builder or construction supervisor options. A licensed general contractor must being doing the work.
Full income and asset documentation required. No stated income available. Qualify at the start rate plus 2% on this loan.
No spec. No rental properties.
Minimum loan amount $350,000.
Note: APR (Annual Percentage Rate) based on loan amount of $500,000, middle credit scores of 700+, and 12 draws.
Fees, points, and program parameters subject to change without notice.