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Spec Financing
(1-2 Homes) |
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| Since "Spec" stands for "Speculation", the home you are building is to be sold or leased upon completion. |
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Complete our quick
questionnaire and one of our construction loan project managers will help you determine how much you can qualify for. |
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| Please call (888) 527-5553 X101 to
speak with our project loan manger or
complete our
short info form and someone will
contact you immediately. |
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WHAT MAKES UP THE CONSTRUCTION PROJECT COSTS? |
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Soft Costs - Permit fees, engineering fees, architectural fees and other costs associated with building the home but are not directly a part of the actual construction cost. |
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Hard Costs - The actual cost of construction covering all materials and labor associated with the building of the home. Typically, you will enter into a contract with a building professional to build the property. Like a purchase contract for an existing home, this contract sets forth the work to be done and the costs involved. |
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Closing Costs - Costs Associated with the closing of the loan, such as title costs, loan fees, discount fees, inspection fees and appraisals. |
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Contingency Reserve - A reserve account to cover unforeseen cost overruns in the construction of the home. The cost of 0%-10% of the hard costs will be established in a Contingency Account. |
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Interest Reserve - At loan closing, an account is established to pay the estimated interest costs during the construction of the home. So you do not have to make out-of-pocket payments during construction. |
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Sub Division Financing
(2-30 Homes) |
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| Our construction loans also have the small builder covered. If you are building 2-30 homes, then, we have programs that have the following features: |
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Target Project: 2 to 30 homes
(larger subdivisions can be phased) |
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Loan Amounts: $1 Million to
$10 Million (larger projects may
be phased into multiple loans) |
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Property Types: Single family and
multi-family homes; stacked condos
not permitted |
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Project Types: Financing available
for land acquisition, development,
and construction |
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