Ground-Up Construction program snapshot (key terms)

 

 

Eligible collateral / occupancy

• Non-owner-occupied investment properties
   

• Property types (1–4 units)
   

  • 1–4 family real estate
     

  • Condos
     

  • Townhomes
     

Term, minimums, credit

• Term: 12–24 months (up to 24 months)
   

• Minimum FICO: 650
   

• Loan amount: $100,000* to $2,000,000
   

  • Minimum loan amount is based on max loan amount
     

• Minimum property value: $175,000 (As-Completed Value / ARV)
   

• Prepayment penalty: N/A
   

Purchase / refinance leverage (program matrix)

• Purchase
   

  • Up to 80% Initial Advance
     

  • Up to 90% Total Loan-to-Cost (Total LTC)
     

• Refinance
   

  • Up to 75% Initial Advance
     

  • Up to 90% Total Loan-to-Cost (Total LTC)
     

Leverage details (based on completed ground-up experience)

• Experience is measured by completed ground-up construction projects in the last 3 years
   

• Experience must be within the same state as the subject property
   

0 completed ground-up projects (last 3 years)

• Initial Loan Amount (Max LTV): up to 70% of As-Is Value
   

• Max Loan Amount: up to 70% of Purchase Price
   

• Maximum ARV: up to 65% ARV
   

• Maximum Total LTC: up to 85% Total LTC
   

1–4 completed ground-up projects (last 3 years)

• Initial Loan Amount (Max LTV): up to 75% of As-Is Value
   

• Max Loan Amount: up to 75% of Purchase Price
   

• Maximum ARV: up to 70% ARV
   

• Maximum Total LTC: up to 85% Total LTC
   

5+ completed ground-up projects (last 3 years)

• Initial Loan Amount (Max LTV): up to 75% of As-Is Value
   

• Max Loan Amount: up to 80% of Purchase Price
   

• Maximum ARV: up to 75% ARV
   

• Maximum Total LTC: up to 90% Total LTC
   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISCLAIMER

• This is not an offer to lend; all offers are subject to due diligence, underwriting, and approval, and rates/terms can change.
   

 

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