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New Construction
Do
you loan on New Residential Home Construction?
Yes:
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Subject to client experience
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Generally fund new construction in established neighborhoods. No rural loans.
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Plans
and specs, along with
contractor/sub-contractor information, must be submitted
to us for preliminary approval.
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We
will lend up to 70% LTV (not to exceed cost of project) or 90% of cost
(not to exceed 70% LTV), whichever is less
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Same
fees and interest rates apply
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Land
costs may be included
Please print the following forms for additional information:
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New
Construction Requirements
- New Construction
Checklist
- New Construction
Loan Request
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New
Construction Draw Schedule
Construction draws
Construction draw will be dispersed based upon work completed,
unless otherwise indicated; each subject to inspection. All draws will be
allocated as set forth in the agreed construction draw list made a part of the
Construction Loan Agreement for work completed. There will be a $150
inspection fee for each draw.
Administrative Fee
Should Borrower wish to have draws to be available the next
business day, there will be an Administrative in the amount of $150 per month
until all draws are completed.
Additional Information
- If this is a completion of an existing new construction
property, we require an update on the status of all building permits from
the city in which the property is being built in. We will not be able
to close, prior to disclosure of this information.
- If this is a completion of an existing new construction
property, you may save money on the water and sewer tap if you can get a
letter from the previous owner, which will transfer the ownership of the
taps. See attached example.
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Texas' Premier Hard Money Lender