Build New Residential and 5 to 10 Unit Multifamily Construction Properties To Hold As Rentals
Single family homes, duplexes, tri-plex, quads, townhomes, condos and 5 to 10 unit multifamily
No upfront fees, tax returns or income verification
Streamlined underwriting and fast funding in 3 to 6 weeks
Required construction experience last 3 yrs: Tier 1 & 2: ineligible; Tier 3: 5-11; Tier 4: 12-23; Tier 5: 24; Can add experienced partner as co-borrower with 1%+ ownership of LLC/Corporation
660+ middle FICO credit score
Loan purpose: (1) purchase vacant lot to build; (2) purchase tear-down and rebuild, or (3) refinance lot already owned and ready to build.
Loan amount: $500,000 to $5 Million per property
Nationwide except Alaska, Nevada, North & South Dakota and Vermont for urban, suburban and rural locations
Finance up to 90% of purchase price or refinance pay-off plus hard and soft construction costs directly related to the build up to 75% of ARV
7.25%+ interest only during construction; prevailing rates for rental loan after project built.
Term: 13 month construction period followed by a 5, 10 or 30 year long-term rental loan.
No prepayment penalty or minimum interest during construction period.
Fast draw approvals
In-house management and servicing
Origination varies
Lot requirements: (1) lots should be fully entitled and ready to build within 90 days of funding; (2) lot does not need to be permitted at time of funding; appropriate permits must be provided before first draw is requested (3) water/sewer/well/ septic must be lateral ready; (4) lots must be split and individually parceled; (5) lot must be properly zoned for property type being built at closing.
No subordinate debt permitted
Full recourse
No bankruptcy, foreclosure, short-sales or deed in lieu in past 3 years
Foreign nationals & permanent residents eligible @70% LTC up to 60% ARV
Funding in 3 to 6 weeks
To submit your online loan request, please click the blue New Construction Link for your PRE-APPROVAL Term Sheet within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks are required for PRE-APPROVAL.
