Construction Loan
Construction Loan
Program #LG343
Construction Loan
Program #LG343
Summary of all Guidelines | |
| Loan Types | Construction Loan |
| Property Types | 2-4 Units, Condo, SFR |
| Lendding Area | alabama, florida, georgia, illinois, indiana, missouri, north-carolina, ohio, pennsylvania, south-carolina, tennessee, texas, virginia |
| Loan amount Minimum | $50,000 |
| Loan amount Maximum | $450,000 |
| Interest Rate Minimum | 11% |
| Interest Rate Maximum | 12% |
| Points Minimum 1st TD | 2 |
| Terms | 1 year, 18 month |
| Credit Score Min | 680 |
| Interest Only or Amortized | Interest Only |
| Lien Position | 1st |
| Prepayment Penalty | No Prepayment Penalty |
| General Pricing or Guideline info | New Construction Loans •New Construction Funding for 1 to 4 Family Projects •Direct Lender •Build to Sell or Build to Rent •No Income Documentation Required Program Summary Straightline's New Construction Program provides you with fast approvals and closings. After closing we utilize a simple, flexible draw process to make sure your project stays on track. •Up to 85% of Project Cost •Rates: 11% to 12% •12 to 15 Month Terms •Interest Only Payments •Tear Down and Infill Projects OK •Up to 70% of After Construction Value •Purchase or Refinance OK •Available in metro areas of AL, FL, GA, IL, IN, MO, NC, OH, PA, SC, TN, TX & VA •Points: 2% plus processing and doc fees •1 to 4 Family Properties •No Tax Returns Required •No Prepayment Penalties •Simple Draw Process •680 Minimum Credit Score •Fast, Efficient Closings •Build to Sell or Build to Rent |
| Updated as of | 2023-11-16 |
New Construction Loanss
•New Construction Funding for 1 to 4 Family Projects
•Direct Lender
•Build to Sell or Build to Rent
•No Income Documentation Required
Program Summary
Straightline's New Construction Program provides you with fast approvals and closings. After closing we utilize a simple, flexible draw process to make sure your project stays on track.
•Up to 85% of Project Cost
•Rates: 11% to 12%
•12 to 15 Month Terms
•Interest Only Payments
•Tear Down and Infill Projects OK
•Up to 70% of After Construction Value
•Purchase or Refinance OK
•Available in metro areas of AL, FL, GA, IL, IN, MO, NC, OH, PA, SC, TN, TX & VA
•Points: 2% plus processing and doc fees
•1 to 4 Family Properties
•No Tax Returns Required
•No Prepayment Penalties
•Simple Draw Process
•680 Minimum Credit Score
•Fast, Efficient Closings
•Build to Sell or Build to Rent
- David Cruise
Loan Department Manager
