Construction Loan
Non Ground -up Construction - LG88
Non Ground -up Construction - LG88
Summary of all Guidelines | |
| Loan Types | Construction Loan |
| Property Types | 2-4 Units, Condo, Multi Family, SFR |
| Lendding Area | alabama, arizona, arkansas, california, colorado, connecticut, delaware, florida, georgia, hawaii, idaho, illinois, indiana, iowa, kansas, kentucky, louisiana, maine, maryland, massachusetts, michigan, minnesota, mississippi, missouri, montana, nebraska, nevada, new-hampshire, new-jersey, new-mexico, new-york, north-carolina, north-dakota, ohio, oklahoma, oregon, pennsylvania, rhode-island, south-carolina, tennessee, texas, utah, virginia, washington, west-virginia, wisconsin, wyoming |
| Loan amount Minimum | $100,000 |
| Loan amount Maximum | $3,000,000 |
| Terms | 1 year, 18 month |
| Credit Score Min | 660 |
| Recourse | Recourse and Non Recourse available |
| General Pricing or Guideline info | Personal guarantees are required unless they choose the non-recourse option in the fix-n-flip, bridge, or new construction loans – borrowers only qualify for the non-recourse option if they have at least 5 deals in the last 3 years. Loans for builders with shovel-ready lots or teardown projects. Spec houses or model homes, infill, teardown, or subdivisions. >> New Construction: Increase Lot LTC from 60% to 65% Increased LTARV from 65% to 70% Continuing to fund 100% of vertical construction costs. |
| Updated as of | 2023-04-04 |
| Program Code | LG88 |
Personal guarantees are required unless they choose the non-recourse option in the fix-n-flip, bridge, or new construction loans – borrowers only qualify for the non-recourse option if they have at least 5 deals in the last 3 years.
Loanss for builders with shovel-ready lots or teardown projects. Spec houses or model homes, infill, teardown, or subdivisions.
>> New Construction:
Increase Lot LTC from 60% to 65%
Increased LTARV from 65% to 70%
Continuing to fund 100% of vertical construction costs.
