Spec Construction Loans

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Providing Construction Spec Loans & Pre-sold loans for new construction to small & medium sized home builders in the continental United States. 302-752-2688

Most lenders offer loans but not choices. One way to get different choices is to shop at every lender and credit union in town. When you call or visit, ask for the construction loan department. If the lender doesn’t offer construction loans, then move on to the next one. Alternately, you can hire a construction loan broker to shop around for you.

Builder/Investor. SPEC Construction, Investment and Development Financing. As construction and financing professionals, we understand the importance of planning and preparation to the construction process, but even the most meticulously planned projects are guaranteed to have a few unexpected issues.

Construction Loan: We will finance up to 60% of land costs (plus up to 100% of vertical costs) for qualified builders. Subordination / Seller Financing: This is a way to get 100% financing! The land seller is essentially providing seller-financing on ALL the land while Builder Finance may provide ALL the funds for vertical construction.

Banks and mortgage lenders are often leery of construction loans for many. the lender must have an appraiser consider the blue book and specs of the house,

Construction loans are a bit more complicated than conventional mortgage loans because you are borrowing money short-term for a building that does not yet exist. A construction loan is essentially a line-of-credit, like a credit card, but with the bank controlling when money is borrowed and released to the contractor.

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On individual lots I just pay cash for the dirt and then pull a construction loan if that’s how I want to fund that spec. The lender pool is still small for this, but it’s growing. If you find the right lender they may fund both land / house depending on your financials. Terms we are seeing are 6% interest only for a year with an 85% ltv.

Spec Home Funding – #1 Home Construction Loan Lender. With construction spending in the US rising to its highest level in nearly 5 years there is a higher demand for new homes, which in turn leads to builders looking for quicker, more reliable funding than traditional bank lending.

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