Hiring A Builder Loan

• Loan amounts from $95,000 to $5,000,000
• Loan amounts up to 85% of loan to cost; 85% of appraised value for loans of $766,550 or less and 80% for loans over $766,550 on single family, up to 75% for loans over $1M on single family, owner occupied, full income documentation. Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts
• Land purchase may be included in the construction loan, up to 75% of the lot purchase price
• Foreign Nationals are eligible for this program
• Deal directly with the Loan Officer/Underwriter
• 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
• 1 to 4 family homes; see Commercial Construction for more than 4 units
• 12 month construction term with extensions available 
• Interest only payments based on funds advanced 
  *All rates and terms subject to change without notice

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

• Rates: Prime Rate plus 2.25% to 3.25%+
• Loan Fee: 1.25% to 2.00% 
• Application Fee: $295
• Fast Track Closing Fee: $1,250
• Underwriting Fee: $425
• 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, current Tri-Merge Credit Report and appraisal, if available.