Construction

Construction Loans

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

Uses To build new or significantly rehabilitate/renovate existing apartment, condominium, single-family, commercial, and mixed-use properties
Loan amount Up to $10,000,000
Loan term Up to 36 months for single-project loans
Up to 60 months for multi-phase projects, especially large subdivisions​
Interest rate From 5.00%, dependent on the loan amount, loan term, complexity and certainty of the repayment sources and permanent financing conditions​
Collateral/security First position liens on the property and project under construction
Maximum 85% LTV/LTC​
Repayment source Permanent financing for apartment or commercial/mixed-use projects
Sale proceeds from home/property sales
Fees Application Fee - $1,000
Origination Fee - 1.25% to 2.00% of loan amount
Borrower pays all third-party inspection and review costs
Draws and Funding Funds are drawn on a progress basis, generally once per month, through standard inspection and requisition process
Third-party reports Appraisal, Phase I/II environmental assessments, market study, capital needs assessment for rehabilitation project, construction plans, budget and contract review​