Builder Model / Spec Construction Loan
For a Rate and Fees quote call
800-390-7536
Builder Model / Spec Construction Loan
This program is designed to provide a business loan to a Builder or individual for the construction of a model or spec home for resale.
General Guidelines*
- 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