Spec Builder offers experienced investors and residential (1 to 200 units) builders financing for ground-up construction and lot acquisition.
Urban, suburban and other locations with appraisals not rural
No upfront fees, tax returns or income verification required.
Eagle Commercial Funding Capital Corporation is a Direct Private Commercial Lender in 44 States. We are funded by private money, hedge funds, FHA-HUD, FNMA and FREDDIE MAC.
Fast in-house loan servicing, construction management and draws
Nationwide (except: North & South Dakota and Vermont)
Minimum loan amount: 500,000 for 1-4 units; $500,000 for 5+ units
Maximum loan amount: $50+ Million per property
Credit requirements:
- 660+ mid FICO credit score
- No minimum tradeline
- We use highest middle score for multiple sponsors
- 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
Finance:
- 3 completed projects last 3 years up to 85% LTC to 75% ARV;
- 2 completed projects last 3 years up to 85% LTC to 70% ARV;
- 5 completed projects last 3 years up to 70% LTC to 70% ARV;
- 2 completed projects last 3 years up to 65% LTC to 70% ARV for 5-9 unit-properties;
Finance 100% of budget including equity up-front and soft costs
Initial disbursement: Amount remaining after minimum borrower equity met. Not to exceed 75% of land cost (purchase/unseasoned refi) or Value of Land (seasoned refi)
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: 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 on title for projects started, built, sold or refinanced in the last 2 years
- 2-4 completed last 3 years: 2; 2+ units: 1
- 5+ completed last 3 years: 5; 2+ units: 2
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)
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.
Required reserves and liquidity:
- 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.