HEARING A BUILDER CONSTRUCTION LOAN
This program is designed for Borrowers who are hiring a builder to construct a residential property.
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Loan amounts from $100,000 to $3,000,000
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Loan amounts up to 90% of the appraised value for loans of $425,000 or less and 80% for loans over $425,000 on single family, owner occupied, full income documentation. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
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Land purchase may be included in the construction loan, up to 75% of the lot purchase price
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Foreign Nationals are eligible for this program
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Deal directly with the Loan Officer/Underwriter
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Fast pre-qualification, typically within 3 to 5 business days
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Closing typically within 21+/- days subject to receipt of required documentation
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Loans are available to Borrowers with excellent to less than perfect credit
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Flexible draw schedules
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1 to 4 family homes; see Multi-Family for more than 4 units
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12 month construction term
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Interest only payments based on funds advanced