We have products 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 us to review your scenario 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 Counsel Mortgage Group and we can go over your financing options. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the lender.
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