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Self Build Construction Loan for Borrowers
For a Rate and Fees quote call
800-390-7536
Self Build / Owner Build Loans
This program is designed for Borrowers who are acting as their own general contractor and/or plan to complete some of the construction themselves on a residential Owner Occupied property (Non-Owner Occupied properties allowed). Please call for details.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 85% of loan to cost; 85% of the appraised value for loans of $766,550 or less and 80% for loans over $766,550, 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)
- Borrower acts as own General Contractor (No site supervisor required)
- 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
*All rates and terms subject to change without notice85
