We offerInvestorForeign NationalTAX ID/ITINConstructionCommercialBank StatementHard MoneyBridgeloans.
A construction loan is typically a short-term loan used to pay for the cost of building a home.
It may be offered for a set term (usually around a year) to allow you the time to build your home. At the end of the construction process, when the house is done, you will need to get a new loan to pay off the construction loan.
Features and Benefits:
- Consolidate construction and purchase for only one set of closing costs and fees
- Pay just interest-only payments during construction¹
- Option to avoid requalification post-construction available²
- Loan amounts now available up to $3,000,000 for primary residence³
- Loan amounts now available up to $2,500,000 on second homes.
- Rate can be locked at any time during the loan application/process
- Simple and flexible draw process with no set schedules
- Renovations available on existing homes
- Max DTI 45%
- Occupancy: Primary Residency and Secondary Home
- Eligible Property Type: Single Family Detached Homes
- Gift Funds/Interested Party Contributions acceptable
Credit Scores / LTV:
- Primary Residence
- 650 for LTV ≤ 80%
- 700 for LTV > 80% up to 90%
- 720 for LTV > 90% up to 95%
- Second Home
- 720 max 80% LTV
- Rates start in the 5’s
