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Hiring A Builder Loan
For a Rate and Fees quote call
800-390-7536
Hiring a Builder Loan
This program is designed for Borrowers who are hiring a builder to construct a residential property.
General Guidelines*
- 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
