New Construction Loans
A new construction loan can be used to finance the acquisition of land, as well as the ground-up construction costs of a new development.
Property Types
Single Family Homes, Multifamilies, Condominiums, and Mixed Use Properties
Loan Amount
1
$200,000 – $3,000,000+
Starting Interest Rate
9.95%
Advance Rate on Purchase
50% of Land Purchase
65% of Permitted Land Purchase
65% of Permitted Land Purchase
Advance Rate on Construction Costs
100%
Maximum Loan to After Repair Value (LTARV)
65%
Term Length
Up to 18 months
Recourse
Full Recourse
Origination Points
2 – 3
Expected Closing Time
2
3 weeks
Appraisal
Desktop / Third Party
Prepay Penalty
No
Extension Available
Yes
Cross Collateral Accepted?
Yes
Minimum FICO
None
- On any single transaction
- This only reflects an expected closing time. Actual closing times vary.