Construction loans are short term financing for the development of new properties. Their term is 12 months or can be tailored to a construction timeline. They can include the purchase of land and the cost of construction and are for developers who act as their own builder or owners who hire a builder. They are for properties built to sell or hold by restructuring into longer term financing.
Rates starting at 5.99%
Up to 90% of purchase price and 100% of rehab. not to exceed 75% of after built value.