03. Loans
New construction
Build investment property from the ground up, with or without experience.
Construction loan
| Leverage | Up to 90% of cost |
|---|---|
| Land | Can be included in the loan |
| Land value | Up to 70% of the land's purchase price, or its value on a refinance |
| Loan size | $100K to $10MM |
| Rates from | 8.25% |
| Term | 12 to 24 months |
| Payments | Interest-only |
| Prepayment penalty | None |
| Appraisal | Usually required; not on qualified programs |
| Experience | Not required |
| Close in | In as little as a week |
A good fit if…
- You're building an investment property
- You want the land and the build in one loan
- It's your first build
Not a fit if…
- You plan to live in it. These are investment loans only.
What we’ll ask for
- Plans and construction budget
- Land contract or settlement statement
- Permits and site plan, as required
- Your builder's info and builder's risk insurance