A construction loan is a short-term, interim loan to pay for the building of a real state property. As work progresses, the lender pays out the money in stages.
Construction loans are typically short term with a maximum of one year and have variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable, detailed plans, and a realistic budget, sometimes called the “story” behind the loan.
Once approved, the borrower will be put on a bank draft, or draw, schedule that follows the project’s construction stages and will typically be expected to make only interest payments during construction. As funds are requested, the lender will usually send someone to check on the job’s progress.
Our Loan Products
Conforming Loans
- Loan Amount up to FNMA Limits
- Minimum Credit Score 640
- Primary Residency
- No Reserves Required
Stated Income Loans
- Loan Amount up to $5,000,000
- Purchase up to 75% LTV
- Non-Warrantable Condos
- Primary Properties
No Income Loans
- Loan Amount up to $5,000,000
- Purchase up to 80% LTV
- Non-Warrantable Condos
- Investment Properties
Bank Statement Loans
- Loan Amount up to $10,000,000
- Purchase up to 90% LTV
- Non-Warrantable Condos
- No Tax Returns Required
Condo Hotel Loans
- Loan Amount up to $5,000,000
- Purchase up to 70% LTV
- No Reserves Required
- Foreign Nationals Acceptable
Foreign National Loans
- Loan Amount up to $10,000,000
- Purchase up to 75% LTV
- Cash Out up to 70% LTV
- All Nationalities are Welcome
Jumbo Loans
- Loan Amount up to $50,000,000
- Purchase up to 90% LTV
- Primary Residency
- Investment Properties
Private Money Loans
- Loan Amount up to $10,000,000
- Purchase up to 75% LTV
- Investment Property Only
- No Min Credit Score Neede