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Construction Loans
We have construction loan programs to meet the needs of a wide variety of
borrowers. Most lenders require the borrower, the builder, and the property to
be approved. We have lending partners that don't have all of the
requirements of a typical construction lender.
For example, we have loan programs that do not require the borrower to
provide income documentation up to $6,000,000.
In addition, we have loan programs that do not require the builder to
be approved. Most lenders ask the builder to provide their license, insurance,
and references. We have lenders that don't put your builder through this
hassle.
Some lenders will base the amount they will lend on how much the project
costs. For example, suppose the lot costs $1,000,000 and the construction
costs are $500,000. The lender may lend 80% of the cost, or $1,200,000.
We have lenders that will base their loan amount on the completed value
based on a future value appraisal. Using the example above, the appraiser
may conclude the future value is $2,000,000. 80% of $2,000,000 is
$1,600,000, which is $400,000 more than the other method!
We have construction loans for builders and spec homes as well as those for
owner-occupied and vacation homes. In many cases our lending partners will
make a commitment to a permanent loan at the time of the construction loan
closing.
We have construction loan programs to meet the needs of a wide variety of
borrowers. Most lenders require the borrower, the builder, and the property to
be approved. We have lending partners that don't have all of the
requirements of a typical construction lender.
For example, we have loan programs that do not require the borrower to
provide income documentation up to $6,000,000.
In addition, we have loan programs that do not require the builder to
be approved. Most lenders ask the builder to provide their license, insurance,
and references. We have lenders that don't put your builder through this
hassle.
Some lenders will base the amount they will lend on how much the project
costs. For example, suppose the lot costs $1,000,000 and the construction
costs are $500,000. The lender may lend 80% of the cost, or $1,200,000.
We have lenders that will base their loan amount on the completed value
based on a future value appraisal. Using the example above, the appraiser
may conclude the future value is $2,000,000. 80% of $2,000,000 is
$1,600,000, which is $400,000 more than the other method!
We have construction loans for builders and spec homes as well as those for
owner-occupied and vacation homes. In many cases our lending partners will
make a commitment to a permanent loan at the time of the construction loan
closing.
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Purchase
Re-Finance
Construction Loans
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