844-244-1420
INVESTOR NEW CONSTRUCTION FINANCING!
Up To 75% Of Lot & 100% of Construction Cost!
$150,000.00 – $3,000,000.00 Loan Amounts!
Overview
STANDARD NEW CONSTRUCTION FINANCING
NO PRIOR GROUND UP CONSTRUCTION EXPERIENCE REQUIRED
– Must have 3+ completed resale residential fix and flips in the last 36 months (with at least 1 in the same market as the new construction project)!
– Max Loan Amount Cannot Exceed 80% Of Total Cost!
– Minimum 650+ qualifying credit score!
– $200K completed value or higher ($100K per unit on 2-4 unit properties)
– Approved plans/permits required for borrowers with no new construction experience prior to closing – NO EXCEPTIONS!
– Loan to cost increases depending on experience!
For Fast Prequalification – No Credit Pull Required For Prequalification – Click Here
EXPERIENCED INVESTOR – New Construction Financing Highlights:
– Up To 75% Of Lot Acquisition Cost (if permitted)!
– 100% Financing Of Hard Construction Cost!
– Loan Amounts From $150,000.00 – $3,000,000.00!
– Max Loan Amount Cannot Exceed 80% Of Total Cost!
– Minimum 680+ Credit Required To Qualify For Funding!
– Must Have Minimum Of 3+ Ground Up New Constructions Projects Completed OR Residential Resale Renovations Completed Within Last 36 Months!
– No Personal Income Verification!
– No Prepayment Penalty!
– 12 Month Term!
– Interest Only Payment!
For Fast Prequalification – No Credit Pull Required For Prequalification – Click Here
INVESTOR NEW CONSTRUCTION FINANCING PROGRAM
Funding Available NATIONWIDE, except:
AK, CA, KS, MT, ND, OR, SD, UT
All investor loan transactions must close in the name of a business entity!
NEW CONSTRUCTION GUIDELINES
1. Prior Experience Requirement
Must Have A Minimum Of Three (3) Previously Completed Ground Up New Construction Projects OR Residential Resale Renovations Completed Within Last 36 Months.
2. Credit Score Requirement
Minimum 650+ qualifying credit score required for funding approval.
3. Qualifying Credit Criteria
No bankruptcies in past three (3) years
No foreclosures, short sales, or deed in lieu in past 3 years
No prior criminal convictions at any time in the past
4. Construction Budget & Funds Disbursement Policy
– We do not advance construction loan funds. Construction funds are disbursed as work is completed on your project
– Construction Draw Funds are normally disbursed per agreed draw schedule within 2-3 business days after completion of inspection/validation of completed work.
5. Qualifying Types Of Properties
Single family, 2-4 units, condo’s, town-homes.
6. All Transactions Must Close In A Business Entity Name
Funding can only be approved in a business entity name. There is no seasoning requirement on the age of the business entity. Entities include: LLC, LLP, S-Corp, C-Corp.
7. Minimum And Maximum Loan Amounts
Minimum loan amount is $200,000.00.
Maximum loan amount is $3,000,000.00.
8. Lender Related Fees
– Loan origination fee: 3.99% of total loan amount.
– Doc prep fee: $995.00
– Processing fee: $1,195.00
9. Full Property Appraisal Required
A new traditional full property appraisal is ALWAYS required for new construction projects.
Terms of Loan Funding
10. Subordinate Financing
Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.
11. Required Documents For Funding Approval
Business Entity Borrower Only (Must close in the name of a business entity)
__ Copy of valid government issued ID
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Construction Budget
__ Copy of building plans and specifications
__ Construction Draw Schedule
__ Survey of lot/land
__ Copy Of HUD Settlement Statements from acquisition and sale of completed ground up new construction projects.
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity
Get Started Now – Free Pre-qualification – 600+ Credit OK!
Low Rates – Flexible Terms – Close in 10-12 business days!