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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 for the construction of a model or spec home.
General Guidelines
- Loan amounts from $75,000 to $4,000,000
- Loan amounts up to 60% of the appraised value (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
- Loan to cost typically 75% – 80%
- 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 income documentation, self-employed and limited income programs available
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days or less under certain circumstances (fast track closings 14+/- days available)
- Loans are available to Borrowers with excellent to less than perfect credit
- 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
Rates and Fees:
- Rates From: 7.95% to 8.95% (Rates and fees based on credit score, income, savings and LTV)
- Loan Fee: 1.50% to 2.00%
- Application Fee $450 (Inspection fee may apply); Fast Track Application Fee $1,250
- Underwriting Fee: $450
Loans available for: AK, AL, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, UT, VA, WA, WV, WY
