Construction Loan

A construction loan is a short-term loan that covers only the costs of custom home building or commercial property. This is different from a mortgage, and it’s considered specialty financing. Once the property is built, the prospective occupant must apply for a mortgage to pay for the completed home.

• Loan amount $100K to $500M

• 12 months to 24 months interest only, based on the project

• Min credit score 650

• Up to 80% LTC (Loan to Cost)

• Document needed: Executive summary; Construction budget; Any existing appraisal, environmental and survey reports; Personal Financial Statement for all principals; Corporate Entity Documents; and Real estate track record