CONSTRUCTION LOAN PROGRAMS
CONSTRUCTION LOANS- RESIDENTIAL
- PROGRAMS: (a) New constructions only.
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Type of Borrower |
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|
Spec |
Applicants building for resale or investment |
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Custom |
Applicant hiring a builder to build their home |
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Owner |
Applicants acting as their own general contractor- no contractor’s license needed. |
|
Loan Parameters |
|
|
Loan Limit |
$250,000.00 to $3,600,000.00 |
|
Credit Score |
Minimum middle score 540 |
|
Loan to value |
up to 100% |
|
Term |
6-9 months |
|
Rates |
4.99 to 9.99 –subject to change , call to verify |
|
Lender’s loan fee |
2% of loan amount |
|
Mortgage Broker’s fee |
1-5% of loan amount [ depending on loan amount and other factors] |
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First payment due |
Approx. 105 days from loan Closing - 105 days interest hold back from loan. |
|
Property Type |
SFR, Duplex- steel framed, stick built or modular |
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Acreage |
maximum 5 acre per building lot |
|
Permanent Loan |
UP TO 40 YEARS TERMS WITH MIDDLE CREDIT SCORE OF 580 AND ABOVE |
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Subject to |
Investor’s Appraisal review, builder and construction budget approvals. |
Highlights: FOR CONSTR. LOAN.
Ø No income verification
Ø No asset verification
Ø No seasoning or tracking of funds to close
Ø No pre-payment penalty
Ø No reserve requirement
Ø No debt ratio calculation
Call: Ronnie (866) 535-1048 x 701 to request a short loan application form.
Fax: 1-866-920-7236 E-Mail: allied@alliedfunding.net
2. COMMERCIAL/ CONSTRUCTION/ LOAN PROGRAMS
Our investors fund the hard to place commercial & CONSTRUCTION loans:
HIGHLIGHTS: Creative Financing for your projects.
1ST., REFINANCE, 2ND., CONSTRUCTION/ PERMANENT & MORTGAGE BUY-OUT.
1. Neither sourcing nor seasoning of down payment.
2. No 4506
3. Seller’s 2nd. Mortgages are allowed
4. Up 90% LTV Stated and 95% Full Doc.
5. We welcome Bank rejects.
We arrange financing for-
|
Amusement Parks |
Day Care |
Hospitals |
Mobile Home Park |
Subdivisions |
|
Apartments Bldgs. |
Golf Courses |
Hotels |
Medical Complexes |
Shopping Centers |
|
Bowling Alleys |
Gas Stations |
Marinas |
Nursing Homes |
Shelters |
|
Dry Cleaners |
Churches |
Mini- Storages |
Office Bldgs. |
Unique Properties |
( C ) RELIGIOUS INSTITUTIONS & OTHER NON-PROFITS ENTITIES:
Ø Minimum Loan $150,000
Ø No Prepayment Penalty
Ø No personal Guarantee
Ø Amortization to 25 years
Ø Interest only payment during construction
Ø Loan to Value ( 75 – 85 )%
Ø Cash flow 1.5 times debt service.
Contact: Ronnie Myers
Allied Funding Corp (540) 242-7236
FAX: 1-866-920-7236
E-Mail: ronniemyers@alliedfunding.net
For Business Loan information please click on the link below-