Construction

Construction Loans

To build or significantly rehabilitate/renovate apartment, condominium, single-family, commercial, and mixed-use developments

Uses To build or significantly rehabilitate/renovate apartment, condominium, single-family, commercial, and mixed-use developments​
Loan amount Up to $10,000,000
Loan term Generally up to 36 months​
Interest rate From 6.00%, dependent on loan amount and term, complexity of the repayment sources and permanent financing conditions​
Collateral/security First position liens on the property and project under construction Up to 95% LTV/LTC​
Repayment source Permanent financing or proceeds from home/property sales, depending on project type and timeline​
Fees Application Fee - $1,000
Origination Fee - 1.00% to 1.50% of loan amount
Third-party reports Appraisal, Phase I/II environmental assessments, market study, construction plan and contract review​