New construction

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**Key Facts about our New Construction Loans

• Construction loans offer funding up to 85% of construction costs 
• Individual loan amounts $250K – $2.5 MM+
• Loans available for single family up to 4 units, Condo, Townhome.
• Full interest reserve - no monthly payments!
• Plans and permits not required at close
• 3 week closing, 3-5 day draw process

LOAN PURPOSE 

• Ground-up construction loans for developers and investors building 1-5 properties at a time
• Lot financing can be included, if lots are in build-ready condition
  

PROJECT STATUS

          Projects must be permit-ready. Roads, water, sewer must be complete and       available. 

MINIMUM CREDIT SCORE

              680

MINIMUM PROPERTY VALUE

• $250,000

INTEREST RATES

• Rates between 10-11% depending on experience and FICO

TERM

•  12 to 24 month term, (via extensions)

BORROWER TYPE

• LLC, Partnership, or Corporation
• Borrower would have to had 3+ completed GUC in the past 4 years

MAXIMUM LOAN-TO-VALUE (LTV)

• 70% LTV of ARV

MAXIMUM LOAN-TO-COST (LTC) COST 

              85% LTC 

WHEN DO WE USE LTV VS LTC?

• Generally, we use the lesser of LTV or LTC calculation

 AL, AK, AR, CO, CT, DC, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NH, NM, NC, OH, OK, PA, RI, SC, TN, TX, VA, WA, WV, WI and WY 

 Note: Loan approval is subject to program guidelines. Interest Rate and program terms are subject to change. Final terms vary according to the unique attributes of each loan transaction. Loans made to non-natural person (Business entity only). **Loan amount based on 70% of “ARV value” or 85% LTC, whichever is lower. These are commercial loans. Please call for details.​