Residential Ground Up Loans (1 to 9 Units)
For experienced builders and rehabbers
No Upfront Fees
No Tax Returns
No Income Verification
Nationwide (except Alaska, Nevada, Vermont, North & South Dakota)
Urban, Suburban, and rural locations
Fast in house loan servicing, construction management and draws
Finance to 60% of purchase/loan payoff + 100% construction budget (to 85% Blended LTC) to 70% ARV
Term: 13, 19 or 24-months
Competitive fixed interest rates paid on drawn balance
Interest only
Rate locks
Prepay: none
Origination varies with underwriting
$500,000 to $3+ million
Portfolios: $1 million to $20 million+ ($75,000+loan per property)
Experience on title last 3 years:
- 5 built and sold or refinanced
- Or 12 purchases with 6 rehabs completed
660+ mid-FICO credit score (620+ for experienced builders)
Liquidity: cash to close, 3 months interest, and reserves to complete project
Non-recourse available for experienced borrowers
First lien
Appraisal required
Prior to closing, plans created and stamped by an architect, showing floor plans, elevation, and square footage count
Lot requirements:
- Fully entitled
- Ready to build within 90-days of funding
- Permits required before 1st draw (not at closing)
- Subdivided and individually parceled
- Water/sewer/well/septic lateral ready
- Properly zoned by closing
Borrower types: LLC, partnership or corporation
No bankruptcy, foreclosure, short sales, or deed in lieu last 3 years; no more than 2 late mortgage payments in last 2 years
Loan exit strategy: sell or refinance
Foreign nationals welcome
Funding in 3 to 4 weeks
To submit your loan request, click the blue GET STARTED Link for PRE-APPROVAL within 48 hours for qualified borrowers.
No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks are required for your PRE-APPROVAL Term Sheet.