Check out Construction/Renovation Financing Program.
Loan Amount: Up to 80% of construction costs (includes land, soft costs, hard costs, interest reserve).
Term: 6 – 18 months
Rate: Competitive (oac)
Repayment: Interest only from reserve, fully open
Income: no verification required
Great for New Construction & Flips
Draws Schedule for the Construction Mortgage
1st Draw to assist with purchase of lot (land) or take equity out of lot you already purchased. Normally about 50% value of the lot.
2nd Draw at 35% of the construction complete, at lock up – windows, doors installed and completed roof.
3rd Draw at 65% of the construction complete, dry wall installed taped and finished.
4th Draw at least 97% complete or Final Occupancy
This is perfect Program to turn a nice profit from any rebuild