Our Construction Loans provide builders and investors the financing they need for ground-up construction and land acquisition.
| | Ground Up Program | Experienced Developer Program (3+ Similar Past Projects) |
|---|---|---|
Loan Amount | Ground Up Program ■ Min: $50,000 ■ Max: $5,000,000 | Experienced Developer Program (3+ Similar Past Projects) ■ Min: $50,000 ■ Max: $5,000,000 |
Property Count | Ground Up Program ■ Min: 1 ■ Max: 2 | Experienced Developer Program (3+ Similar Past Projects) ■ Min: 1 ■ Max: 10 |
Permitted Property Types | Ground Up Program ▪ Eligible: − Non-owner Occupied 1-4 unit residential − Townhomes − Condos ▪ Ineligible: − Mixed use properties − 5+ unit multifamily properties − Condotels − Co-ops / TICs − Commercial Property − Log Homes − Properties Subject to Oil and/or Gas Leases − Operating Farms, Ranches, or Orchards − Vacation or Seasonal Rentals − Rural properties | Experienced Developer Program (3+ Similar Past Projects) ▪ Eligible: − Non-owner Occupied 1-4 unit residential − Townhomes − Condos ▪ Ineligible: − Mixed use properties − 5+ unit multifamily properties − Condotels − Co-ops / TICs − Commercial Property − Log Homes − Properties Subject to Oil and/or Gas Leases − Operating Farms, Ranches, or Orchards − Vacation or Seasonal Rentals − Rural properties |
Maximum Loan to Cost | Ground Up Program ■ Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction ■ Max 85% of total project costs ■ LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing | Experienced Developer Program (3+ Similar Past Projects) ■ Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction ■ Max 90% of total project costs ■ LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing |
Maximum Loan to ARV | Ground Up Program ■ Up to 70% | Experienced Developer Program (3+ Similar Past Projects) ■ Up to 70% |
Reserves/Escrows | Ground Up Program ■ Interest Reserve: Minimum 1 month | Experienced Developer Program (3+ Similar Past Projects) ■ Interest Reserve: Minimum 1 month. Minimum 6 months full boat IR funded with initial loan amount for 90% LTC loans |
Term Length | Ground Up Program ■ 12 months, Up to 18 at Lender Discretion | Experienced Developer Program (3+ Similar Past Projects) ■ 12 months, Up to 24 at Lender Discretion |
Recourse | Ground Up Program ■ Full Recourse | Experienced Developer Program (3+ Similar Past Projects) ■ Full Recourse |
Experience | Ground Up Program ■ Previous real estate experience required: 1-2 Ground ups ■ GCs if experience if permits tie to Ground ups ■ Guarantors with no experience permitted on a case by case basis | Experienced Developer Program (3+ Similar Past Projects) ■ Previous real estate experience required: 3+ similar Ground-up builds + heavy rehabs with expansion. Professional deveopment / builder. ■ Guarantors with no experience permitted with experienced guarantor that meets the above experience criteria |
DISCLAIMER: Programs not available in the following states: Arizona, Minnesota, Nevada, North Dakota, Oregon, South Dakota, Utah, Vermont and West Virginia. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval.