Builder Model / Spec Construction Loan

• Loan amounts from $95,000 to $4,000,000
• Loan amounts up to 60% of the appraised value; Loan to Cost typically 75% – 80%. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts
• Land purchase may be included in the construction loan
• Foreign Nationals are eligible for this program
• Deal directly with the Loan Officer/Underwriter
• Full income documentation, self-employed and limited income programs available
• Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
• Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting) 
• Flexible draw schedules
• Do not need to be a licensed Builder to qualify 
• 1 to 4 family homes refer to Commercial Construction for more than 4 units
• 12 month construction term with extensions available
• Interest only payments based on funds advanced
• New Builders will be considered
  *All rates and terms subject to change without notice

          Rates and Fees
         (Based on credit score, income, savings and LTV)

• Rates:  Prime Rate plus 2.95% to 3.95%+  
• Loan Fee: 1.50% to 2.00% 
• Application Fee: $450 (Inspection fee may apply)
• Fast Track Closing Fee: $1,250
• Underwriting Fee: $450
• Maximum Broker Fee: 1.50% to 2.00% (subject to Broker Compensation option)

To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, Tri-Merge Credit Report and appraisal, if available.