New Construction Loans
What are the requirements for a ground up construction loan?
The eligibility for a ground up construction loan is determined by the borrower's experience, credit score, as well as plans and permits.
Will the loan disbursements be made in stages based on construction progress? How are these disbursements processed?
The eligibility for a ground up construction loan is determined by the borrower's experience and credit score, as well as plans and permits.
What are the inspection and appraisal processes during construction to determine the loan disbursements?
The inspection process involves verifying that the work is 100% complete as per the agreed-upon draw schedule. An inspection showing satisfactory completion is required for approval.
What is the repayment schedule during the construction phase?
The repayment terms entail making interest-only payments every month.
Are there any requirements for contingency funds or reserves during the construction process?
To receive draws, one must have approved plans and permits, as these documents are necessary and required contingencies.
How long does it typically take to process and fund the construction loan?
Processing funds typically takes 7-10 business days, subject to approval of the appraisal, title work, and other necessary documentation.
KEY FEATURES
- 90% LTC and 75% LTARV
- 1-4 Single-Family Homes and Townhomes
- 12 - 24-Month Terms
- LLCs, LPs, and Corporations ONLY
- Survey Required
Advantages New Construction Loans
Our programs are tailored to your project, experience and unique requirements.
Apply now for a quick assessment.
- Non-Dutch Interest
- Escrow Payments
- No Red Tape, No Income, No Assets, No Reserves
- Designed for Ease, Speed and Flexibility
- Purchase, Delayed Purchase, Rate & Term Refinance, Refinance for Free and Clear Properties
- Easy Draw Process
- Nationwide Lending
New Construction Loans