Rates Starting at 9.99%*
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The Ground Up Construction Loans enables Real Estate Investors with flexible and competitive term on 1-4 unit homes.
| Ground Up Program | |
|---|---|
| Maximum LTC (Loan To Cost) | Up to 75% of lesser of purchase price/land value with permits; 60% if no permits with catchup draws available. Subject to Loan to Final Cost ratios, Catch Up draw available via Construction Holdback 15% of lesser of purchase price/land value to be disbursed once permits received and approved Up to 85% if financed interest reserves (IR) |
| Maximum ABV (After Built Value) | 85% if no financed IR / 90% if financed IR |
| Reserves/Escrows | Interest Reserve: Minimum 1 month |
| Experience | 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 |
| Loan Amount | Min: $50,000 Max: $3,500,000 |
| Term Length | 2 months, Up to 18 |
| Property Count | Min: 1 | Max: 2 |
| Permitted Property Types | 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) |
|
|---|---|
| Maximum LTC (Loan To Cost) | Up to 75% of lesser of purchase price/land value with permits; 60% if no permits with catchup draws available. Subject to Loan to Final Cost ratios, Catch Up draw available via Construction Holdback 15% of lesser of purchase price/land value to be disbursed once permits received and approved Up to 85% if financed interest reserves (IR) |
| Maximum ABV (After Built Value) | 85% if no financed IR / 90% if financed IR |
| Reserves/Escrows | Interest Reserve: Minimum 1 month Minimum 6 months full boat IR funded with initial loan amount for 90% LTC loans |
| Experience | 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 |
| Loan Amount | Min: $50,000 Max: $3,500,000 |
| Term Length | 12 months, Up to 24 |
| Property Count | Min: 1 | Max: 10 |
| Permitted Property Types | 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 |
| Guidelines For NO Ground Up Experience | |
|---|---|
| Minimum Credit Score | 650 |
| Experience | No Experience needed We can close without permit, but we need permit to fund the draw Need to see 3 track records from past 5 years from GC with 75% of the ABV should be residential |
| Maximum LTC (Loan To Cost) | up to 85% LTC ( LTC is based on the as-is value ) |
| Maximum ABV (After Built Value) | 65% |
| Maximum AIV-LTV | 25% |
| Commitment Fee | $500 Commitment Fee (will be credited back at closing) No interest reserve required |
| Permitted Property Types | up to 4 units residential |
* Non-owner-occupied loans ONLY. All products are intended for residential properties.
** The rates shown represent the lowest possible options. The actual rates and deals you receive may change based on various approval criteria, including your FICO score, past experience, duration of ownership, among others.
*** We do not currently lend in the following states:
- Arizona
- Nevada
- North Dakota
- Oregon
- South Dakota
- Utah
- Vermont