This program is designed for Borrowers who are acting as their own general contractor to construct a residential property.
-
Borrower acts as own General Contractor (No site supervisor required)
-
Loan amounts from $100,000 to $3,000,000
-
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)
-
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
-
Foreign Nationals are eligible for this program
-
Deal directly with the Loan Officer/Underwriter
-
Fast pre-qualification, typically within 3 to 5 business days
-
Closing typically within 21+/- days subject to receipt of required documentation
-
Loans are available to Borrowers with excellent to less than perfect credit
-
Flexible draw schedules
-
1 to 4 family homes, see Multi-Family for more than 4 units
-
12 month construction term
-
Interest only payments based on funds advanced