1 to 4 Family Construction
4.99 % must own land free and clear, 80% of construction costs providing the loan amount is 65% or Below the As Completed Value.
Other programs can be as high as 12% to 15% and may leverage higher.
Renovation funds are also available at these rates , for mixed use or Multi Family.
$400,000 Construction Cost
Land owned 100% Free and Clear Construction Loan 80%Loan to Construction Cost $320,000 Loan Amount Not to Exceed 65% As Completed Value
The loan term is for 12 months with a possibility of 6 months extension, Rates are currently 4.99 During Construction period, then after completion the borrower is required to sell or Locate Funding