NEW CONSTRUCTION LOANS
New Construction investors are looking for streamlined ways to reach the experience level they need to qualify for bank financing. We help inexperienced new builders build the portfolio needed to qualify for the best loan products from banks without taking a hit to their credit. Below are some highlights of our New Construction loan program:
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We offer both purchase and refinance loans for this loan program.
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We offer loan amounts for this program as little as $100,000 up to $1,000,000. Our Max Loan to Cost “LTC” is 80%
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We lend in the following states with our No-Credit loan program:
- Florida
- Georgia
- Alabama
- Louisiana
- Mississippi
- Texas
- Arkansas
- Tennessee
- Kentucky
- North Carolina
- South Carolina -
We offer loan terms as little as 12 months up to 18 months, with a rate discount for loan terms less than 15 months, and rate penalty for loans longer than 15 months. 3 month and 6 month extensions are available, depending on the investors performance during the original term.
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We only lend to entities. So the borrower must be an LLC or Corporation, owned by the real estate investor. Multi-member entities are approved, and we do not require a credit check by any of the members or entity owners.
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The investor must have completed at least 3x deals in the last 2 years. These completed projects can be new construction OR Fix & Flip.
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We only offer loans secured to SFR (1-4 Units), Condos and Townhouses. Commercial assets will not be consider, unless they are owned free and clear and the investor is willing to cross collateralized them to reduce the capital they are bringing to the table.
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Our rates are pretty stable, and range from 12% up to 14% annual dependent upon various factors; investor proven experience, downpayment, and term of the loan. This is an interest only loan with monthly payments expected.
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We consider the follwoing primary metric in this case; Loan to Cost “LTC”. Our Max LTC is 80% and our Max LTARV is 70%. These metric will adjust based on investors proven experience, downpayment, and term of the loan.
To find out more about our New Construction loan program, download our guidelines sheet below. We look forward to funding your next project soon!
