GROUND UP Rates Starting at 10.99%
Ground Up Program
Experienced Developer Program (3+ Similar Past Projects)
Experienced Developer Program (3+ Similar Past Projects)
Maximum Loan To Cost
Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction
Max 85% of total project costs
LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing
Maximum Loan To Arv
Up to 70%
Recourse
Full Recourse
Reserves/Escrows
Interest Reserve:
Minimum 1 month
Experience
Previous real estate experience required: 1-2 Ground ups
GCs if experience if permits tie to Ground ups
Guarantors with no experience permitted on a case by case basis
Loan Amount
Min: $50,000
Max: $3,500,000
Term Length
12 months, Up to 18 at Lender Discretion
Property Count
Min: 1
Max: 2
Permitted Property Types
Eligible:
Non-owner Occupied 1-4 unit residential
Townhomes
Condos
Ineligible:
Mixed use properties
5+ unit multifamily properties
Condotels
Co-ops / TICs
Commercial Property
Log Homes
Properties Subject to Oil and/or Gas Leases
Operating Farms, Ranches, or Orchards
Vacation or Seasonal Rentals
Rural properties
Experienced Developer Program (3+ Similar Past Projects)
Experienced Developer Program (3+ Similar Past Projects)
Experienced Developer Program (3+ Similar Past Projects)
Maximum Loan To Cost
Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction
Max 90% of total project costs
LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing
Maximum Loan To Arv
Up to 70%
Recourse
Full Recourse
Reserves/Escrows
Interest Reserve:
Minimum 1 month
Minimum 6 months full boat IR funded with initial loan amount for 90% LTC loans
Experience
Previous real estate experience required: 3+ similar Ground-up builds + heavy rehabs with expansion. Professional deveopment / builder.
Guarantors with no experience permitted with experienced guarantor that meets the above experience criteria
Loan Amount
Min: $50,000
Max: $3,500,000
Term Length
12 months, Up to 24 at Lender Discretion
Property Count
Min: 1
Max: 10
Permitted Property Types
Eligible:
Non-owner Occupied 1-4 unit residential
Townhomes
Condos
Ineligible:
Mixed use properties
5+ unit multifamily properties
Condotels
Co-ops / TICs
Commercial Property
Log Homes
Properties Subject to Oil and/or Gas Leases
Operating Farms, Ranches, or Orchards
Vacation or Seasonal Rentals
Rural properties