New construction loans are not like traditional loans. They allow short term real estate investors to borrower capital to purchase lots, cash out on lots, and build a new home to sell for profit. The line of credit is based on liquidity and not be debt to income ratio. This loan is structured like the single family fix and flip and fix and flip line of credit. No income is required!
New Construction for single family and multi –family properties up to 30 units.
$75,000 – $2,500,000
9-12 months with extension available
Rates / Fees
Fixed, Interest Only
The land/lot must be fully entitled and developed (in accordance with proposed project) with all required utilities and road infrastructure
60% of the lesser of: (a) the appraised value of the land, (b) or Borrower’s cost basis in the land, until all applicable building permits are submitted. Once the borrower submits permits, we can advance an incremental 15% (from 60-75%)
Max % of Construction Financing (LTC)
Max LTV (Based on After Repair/Build Value)
Multiple draws available at borrowers discretion
Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Montana, New Hampshire, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Alaska, Arizona, California, Nebraska, North Carolina, North Dakota, South Dakota, Nevada, Minnesota, Michigan, New Jersey, Kansas, Utah, and Vermont.
Qualifying for a Construction Loan:
We use a Commercial Wholesale Lending Platform. Pricing is manual and begins by discussing experience, liquidity, credit, and completing an application form that will be evaluated by an underwriter to determine options.
Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates may vary depending on loan type, LTV, verification of application information and other risk based factors.
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator atwww.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857