Production Builder for High Volume Residential Builders
Finance Ground-Up Construction and Lot Acquisition
1 to 9 residential units per property
Eagle Commercial Funding Capital Corporation is a Direct Private Commercial Lender in 45 States. We partner with Wall Street, Hedge Funds, Insurance Companies, Private Lenders, Family Offices, SBA, Table Funders, FHA-HUD, FNMA and FREDDIE MAC.
No Tax Returns, Income Verification or Upfront Fees
Fast in-house loan servicing, construction management and draws
Urban, suburban and some rural locations
Nationwide (except: Alaska, Hawaii, Nevada, North & South Dakota and Vermont)
Minimum loan amount: $250,000
Maximum loan amount: $1 Million per property
Credit requirements:
- 660+ mid FICO credit score
- No minimum tradeline
- Multiple qualified guarantors: highest middle
- No bankruptcy, foreclosure, DIL, modification or short sales last 4 years
- Mortgage lates: no 30-day lates last 12 months or 60-day lates last 48-months
Competitive fixed interest rates
Interest only paid on drawn balance
No prepayment penalty
Program options:
- Platinum: (1) finance 85% LTC to 75% ARV; (2) initial disbursement: amount remaining after minimum borrower equity met (not to exceed 75% of land cost basis/value); (3) Budget funding to 100% (equity at closing); soft costs include contingency to 20% and builder fee.
- Gold: max cost basis LTC: (1) Variable: 50% of lot cost basis/value + 85% of construction budget; (2) Initial disbursement: 50% of land costy basis/value; (3) budget funding: budget partially funded at LTC %; Soft costs included; contingency funding of 20% max;
no builder fee funding.
LTC cost basis determination:
- Purchase: Lesser of Purchase Price or As-Is Value of Lot
- Unseasoned Refinance (<180 Days Ownership): lesser of purchase price or as-is value of lot
- Seasoned refinance (180+ days ownership): as-is lot value
Term:
- 1 unit: 12 months
- 2-4 units: 12, 18, or 24-months
Cash-out: no limit or seasoning
Loan count maximum:
- Experience: 5+ completed projects last 2 years: 5; 2+ units: 2
- Experience: 2-4 completed projects last 2 years: 2; 2+ units: 1
Experience: 30+ completed projects on title started and sold or refinanced in last 3 years
Appraisals: hybrid/desktop under $1 million
Origination: See your PRE-APPROVAL Term Sheet
Required experience 2+ completed builds (started and sold or refinanced in last 2 years; 5+ completed builds for 5-9-units)
No minimum property condition required
Ineligible properties: condos (case by case), rural, mixed-use, manufactured, modular, log homes, farms, storage facilities, commercial and land
Vacation properties near beaches, lakes or mountains not supported by larger cities, economies besides tourism 10% below max LTC (case-by-case)
Required reserves and liquidity: 10% of the outstanding production builder full loan balances + cash to close + borrower funded portion of budget (equity shortage)
- Experience: 2-4 investment properties last 2 Years:
12 months reserves + cash to close + 10% of holdback + borrower funded portion of budget (equity shortage)
- Experience: 5+ investment properties in last 2 years:
6 months reserves + cash to close + 10% of holdback + borrower funded portion of budget (equity shortage)
- Liquidity verification: most recent statement from checking, savings, money market CD’s, and brokerage accounts; must be complete statements — no online screen shots
Processing fee paid at closing: $1295 at closing for 1-4-unit properties; $1495 for 5+ units
Foreign nationals not eligible
From initial application to final payoff, we’re here for you…
To submit your online loan request, click the blue GET STARTED Link for PRE-APPROVAL within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks are required for PRE-APPROVAL.
