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Builder / Sold Loan
For a Rate and Fees quote call
800-390-7536
Builder / Sold Loan
This program is designed to provide a construction loan to a Builder who has a contract to sell the home once the property is completed.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 75% of the contract price on conforming loan amounts, otherwise up to 70% of contract price. Cross collateralization considered on other properties, if needed, for maximum or greater loan amounts
- Land purchase may be included in the construction loan. Please call for a quote.
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Full and Limited Income Documentation programs available
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings 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, 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 2.50% to 3.50%+
- Loan Fee: 1.50% to 2.00%+
- Application Fee: $450
- Fast Track Closing Fee: $1,250
- Underwriting Fee: $450
