That’s right, we have a product for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For review, we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision:
● Borrower characteristics/Total exposure approval (experience in the space, experience in the market)
● Concentration risk in the subdivision (total number of planned units, current phase, % of planned project under construction at one time)
● Local/Demographic data (where is the neighborhood, is it by a large metro, local absorption rates, business plan for building including site work, direct/indirect costs, phase planning)
The amount of down payment will depend on your experience, but the program allows for no experience.
If you are considering building a home to sell, or doing a fix and flip, contact us and we can go over your financing options.
We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.
Image Source: http://bit.ly/2EmSvvs