Construction Loan
Construction Loan
Program #LG10
Construction Loan
Program #LG10
Summary of all Guidelines | |
| Loan Types | Construction Loan |
| Property Types | 2-4 Units, Multi Family, SFR |
| Lendding Area | alabama, arkansas, colorado, connecticut, delaware, florida, georgia, indiana, iowa, kansas, kentucky, louisiana, maryland, massachusetts, michigan, mississippi, missouri, nebraska, new-jersey, north-carolina, ohio, oklahoma, pennsylvania, rhode-island, south-carolina, tennessee, texas, virginia, west-virginia, wisconsin |
| Loan amount Minimum | $100,000 |
| Loan amount Maximum | $2,000,000 |
| Terms | 6 month, 9 months, 1 year, 18 month |
| Credit Score Min | 680 |
| Interest Only or Amortized | Interest Only |
| Entities | LLC - Limited Liability Corporation, LP - Limited Partnership, Corp - Corporation |
| Lien Position | 1st |
| General Pricing or Guideline info | - LTV: Up to 65% of completed value. - LTC:Up to 85% for repeat borrowers. - Property Restrictions: Rural or remote properties; ARV > 250% of area median; Vacation/resort properties. - Bankruptcies: 3 years. - Foreclosures: 5 years. - No felony convictions. - Purpose Purchase or refinance. - Minimum Credit Score: 680, based on primary guarantor. - Experience: Minimum of 4 completed builds in prior three years. Experience must be in similar projects. - Permits: Purchase- Must be permit ready; Refi- Permits must be issued. - Site Work: All site work and utilities must be complete. Land development work is not permitted. - Reserves: 6 months interest plus 10% of construction budget. - Investment properties only. - Funds released on inspected work. - Get Pre-Approved in Minutes. ACCELERATE YOUR SUCCESS We know time is money. We'll work hard to close your loan quickly and make the process easy. At each step, our skilled team will help you move fast. |
| Updated as of | 2022-10-20 |
- LTV: Up to 65% of completed value.
- LTC:Up to 85% for repeat borrowers.
- Property Restrictions: Rural or remote properties; ARV > 250% of area median; Vacation/resort properties.
- Bankruptcies: 3 years.
- Foreclosures: 5 years.
- No felony convictions.
- Purpose Purchase or refinance.
- Minimum Credit Score: 680, based on primary guarantor.
- Experience: Minimum of 4 completed builds in prior three years. Experience must be in similar projects.
- Permits: Purchase- Must be permit ready; Refi- Permits must be issued.
- Site Work: All site work and utilities must be complete. Land development work is not permitted.
- Reserves: 6 months interest plus 10% of construction budget.
- Investment properties only.
- Funds released on inspected work.
- Get Pre-Approved in Minutes.
ACCELERATE YOUR SUCCESS
We know time is money. We'll work hard to close your loan quickly and make the process easy. At each step, our skilled team will help you move fast.
- Molly Knapik
Inside Loan Originator
