Loan Parameters:

• 20% down payment, of the cost of the property, plus construction cost.
• Interest only for 1 year while you build.
• 5-year ARM with a 25-year amortization.
• 720 minimum credit scores
• Preapproval process about 1 week
• Close in about 45days
• Inspection fees $150 per inspections (based on draws)
• No max amount for renovations
• Minimum loan amount $50k for flips and $100k for New Construction.
• Commercial appraisal about $1200 for fourplex. Less on lesser units
• Builder approval thru third party vendor is required.
• No prepayment penalties
• No escrows required
• No max debt to income ratios
• Gift Funds from relatives are not allowed on this program
• Citizen, permanent resident and some Work Visas allowed

Purpose

Ground-up construction loans for build-ready lots. Ideal for investment property infill, tear down, and spec homes.

Minimum Experience (36 mo. Lookback period)

Minimum (1) New Construction experience for max leverage or (1) Fix & Flip experience for reduced leverage

Individual Loan Size

Single Unit: $100K - $1MM

Multi Unit (2+): $100K - $1.5MM

Exposure Limit Amount

$500K - $ 10MM

Construction Holdback

Up to 100% of construction budget

Borrower Type

Individuals and Entities (LLC, Corporation). Foreign Nationals eligible.

Eligible Properties

Non-owner occupied: Single Family Residence, 2-4 units, Condos1, Multi-family, Mixed-Use Property

Eligible Costs Financed

We finance Hard Costs and all Soft Costs

Loan Term 

12 months standard, interest-only with fixed rate. 18-month option available.

Minimum Interest

180 days of interest on the maximum loan amount

Interest Accrual

Interest on full balance or the actual drawn balance

Ineligible Project Scope

Limited to build-ready infill, tear down, mid-construction3 & spec homes. Not for tract home projects or new subdivisions (10+ homes)

Valuation Requirements

Full 1004 Appraisal with "as-is" and "ARV" values. Exterior appraisal with “as-is” and “ARV” values allowed (case-by-case). No rural properties. (ARV= After Repair Value)

Liquidity Requirement

Down Payment + Closing Costs + 10% of the Holdback + Any Equity Shortage + Required Reserves

Interest Reserves

Optional 6 months or 12 months