About New Construction Loans
Lend Some Money designed this loan program so that experienced investors and contractors have a straightforward, common-sense lending program that provides them the short-term capital needed to fund their construction projects. We offer fast close times and underwriting flexibility that is not available through conventional financing.
Additional info about New Construction Loans
✓ Rates as low as 10.89%+
✓ Interest-only payments
✓ Potential to defer loan costs, including interest
✓ Minimum 650 FICO requirement
✓ Borrow up to 80% of loan-to-cost (LTC), 100% of construction costs, 75% of ARV
✓ Dedicated Loan Officer
FAQs for New Construction Loans
Getting a loan can be confusing sometimes. Between underwriting requirements, loan rates and terms, it can be hard to figure out but we're here to help you! Here are answers to some very common questions we get...
You Have Questions? We have Answers!
Maximizing Your New Construction Success
Some items to consider when trying to maximize the value of any new construction project.
Looking for more detail?
Are you thinking of building a new investment home? There are many benefits to doing so, including the ability to customize the home to fit the current demographics and an added sense of comfort of builders' warranties.
✓ There is an increasing demand for new construction
✓ Higher code standards for energy efficiency
✓ Ability to control margins when building to suit
✓ Warranty on home and appliances available that can be transferred to the buyer
However, there are also some things to watch out for:
✓ Ensure the land is zoned properly
✓ Surveying has completed and is approved to build by the local municipality with approved utilities
✓ Speculative building can be risky if you don't understand your buyer demographic well enough, leaving a home on the market longer than expected
By working with a reputable builder, you can avoid some of the pitfalls that can occur during construction.
Understanding the volatile nature of construction costs and materials can also help you to budget properly and avoid any surprises.
For more information, speak with a Lend Some Money rep today!