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Ground-up construction loans for experienced borrowers on title within last 3 years

Single family homes, spec & model homes, duplexes, tri-plex, quads, townhomes, condos and 5 to 10 unit multifamily

Purchase vacant lot, tear-down to rebuild, or refinance lot ready to build

No upfront fees, tax returns or income verification

Fast in-house draws (ask for draw FAQs) 

Funding in 3 to 5 weeks

Nationwide (except Alaska, Nevada, North & South Dakota & Vermont)

Urban, suburban and rural 

$500,000 to $5 Million per property; portfolio loans $250,000+ loan amount per property)

Finance up to 90% of lot purchase price and hard & soft construction costs directly related to vertical build to 75% ARV

For lots owned 12+ months, refinance up to 90% of “as is” value plus construction costs; if less than 12 months refinance up to 90% of purchase price, 25% of some development & entitlement costs to 75% and construction costs to 75% ARV)

Competitive interest rates on drawn balance

Origination: varies with construction experience 

Term: 13, 19 or 24 months 

No prepayment or minimum interest

Non-recourse available

Terms vary with construction experience for projects on title and bought & sold/ refinanced in last 3 years 

(1) 0 to 4 with 12 completed rehab projects

(2) 5 to 11 completed construction projects: 60% lot purchase/ mortgage + 100% rehab to 80% blended LTC up to 70% ARV

(3) 12 to 23 completed construction projects 60% lot purchase/ mortgage payoff + 100% rehab to 85% blended LTC up to 70% ARV

(4) 24+ completed construction projects 60% lot purchase/ mortgage payoff + 100% rehab to 85% blended LTC up to 70% ARV with lower interest rate than (3) above

(5) Possible exception for experienced GC co-borrower who owns 1%+ of LLC/Corporation with 5 completed construction projects last 3 year on title or not on title but on CO or permits

Lot requirements: (1) entitled & ready to build within 90 days of funding; (2) lot permits not required at funding, and provided before first draw (3) water/sewer/ well/septic lateral ready; (4) lots split and individually parceled; (5) properly zoned at closing.

Subordinate debt not permitted

No bankruptcy, foreclosure, short-sales or deed in lieu in past 3 years

Foreign nationals & permanent residents @70% LTC to 60% ARV

To submit your online loan request, please click the blue New Construction Link for your PRE-APPROVAL Term Sheet within 48 business hours for qualified borrowers. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks are required for PRE-APPROVAL.

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