Multifamily (5-9-Unit) Construction Loans
Financing for builders, rehabbers, and investors experienced in fix-n-flip, multifamily, or construction
Build residential properties to create value; when completed, sell for a profit or refinance for income and capital appreciation
Eagle Commercial Funding Capital Corporation is a Direct Private Commercial Lender in 45 States and partners with several capital providers.
Nationwide (except ND, SD, or VT)
No upfront fees, tax returns or income verification
Fast in-house loan servicing, construction management and draws
Urban, Suburban and rural properties
$500,000 to $3 Million; for portfolio loans: $75,000 minimum loan amount per property (purchase price or refinance payoff + rehab = $100,000+)
Finance up to 70% LTC; 80% Max Blended LTC to 75% ARV
Terms vary with: (1) construction/rehab experience on title, bought & sold or refinanced within last 3 years: (2) Experienced developer/builder with contracts with buyers & named on CO’s and/or permits may qualify if not on title; (3) Experienced partner as co-borrower and owns small % of entity
660+ credit (best score of all borrowers)
Term: 13, 19 and 24-months
Competitive rates; no interest on undrawn funds
- Rate lock: Rates float until appraisals received & approved. Then priced to current rate sheet and stays locked 15-days
- If it does not close within 15-days, floats until cleared to close. Borrower locked for another 15-days.
Origination: 2+ points
Ineligible projects: mixed-use, mid-rehab/construction projects, conversions, and properties with extensive fire or water damage.
- Entitled ready to build within 90-days of closing
- Permits before 1st draw (not at loan closing)
- Split and individually parceled
- Water/sewer/well/septic lateral ready
- Properly zoned at time closing
Requires architectural drawings created and stamped by architect, showing floor plans, elevation, and square footage before closing.
Full permit set of plans not required until first draw release. Includes items in architectural drawings, systems and structure. Permits reviewed and approved by appropriate jurisdiction.
More information about escrows, draws, inspections, scope of work, construction budget, and client online portal available on request.
Subordinate debt with lender approval
No prepayment or minimum interest
Foreign nationals: lower leverage
Liquidity: cash-to-close; reserves for monthly interest and project completion
Ineligible: owner-occupied, mixed-use, raw land, commercial, unique, manufactured, mobile homes, condotels, timeshares, farms, 2+ acres per property (without exception) or <700- square feet per unit
Ineligible projects: mixed-use, mid-rehab/construction, conversions, extensive fire or water damage.
No bankruptcy, foreclosure, short-sales or deed in lieu last 3 years
No more than 2 past due mortgage payments last 2 years
From initial application to final payoff, we’re here for you
Let’s Finance Your Next Deal!
To submit your online loan request, click the blue GET STARTED Link for PRE-APPROVAL Term Sheet within 48 business hours for qualified applicants.
No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.