a) It will finance the Land and the Construction. Must have Approved Plans and Permits.
b) If the Land is Owned Free and Clear, it will Finance the Construction, and consider the Value of the Land in the Valuation as Equity.
c)  If the Land is Owned and Financed, it will pay off the debt, Finance the Land, and the Construction.
 
BETTER FOR REALTORS AND Clients: a) better Choice of Properties. b) Longer Build Periods, c) Higher Loan amounts  d) faster closing times

BETTER FOR BUILDERS AND CONTRACTORS:  a) Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.  b) Get paid faster. Once the loan is closed, the cash is ready for labor and materials. It also saves the expense of having to pay for the build up front and then find a buyers. c)  Longer Build Periods,  d) Higher Loan amounts, e) Wider type of Properties

Standard Loan Terms

• Loan Amount: $100,000 to $50,000,000     
• Term: 12-24 months
• Use: Investment properties only.
• Property Types:*Residential  * Commercial  *  Industrial
• Max LTC/ARV (Loan to Cost / Loan to After Completed Value):
        Maximum: Up to 85% Loan to Cost. Up to 70% After Repaired Value
  
• Payments: Monthly Interest Payments with Balloon at Maturity.
• Permanent Loan: Phase into a 15 year or 30 years Permanent Loan.
• Credit Score: 650 + depends on Program chosen.
• Experience: Preferred 2 or 3 prior Projects.
• Prepayment penalty: None     
• Time to Close:  Usually 10-20 days.

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