Construction Loans from Rate1st

Construction Loan Basic Guidelines

Loan Amounts: Up to $10,000,000
Loan to Cost: Up to 100%          
Loan to Value: 65% is max, exceptions to 75%        
FICO Score Min: 600     
Term:  6 - 18 months      
Lien Position:  1st         
Fees:  3 to 4 points

Construction Loan Amount Range by State

Alaska - $300k - $6 million
California - $500k - $10 million
Colorado - $400k - $10 million
Hawaii - $300k - $10 million
Idaho - $400k - $6 million
Nevada - $300k - $10 million
Oregon - $250k - $10 million
Texas - $500k - $10 million
Utah - $500k - $10 million
Washington - $200k - $10 million

ALL TYPES OF BORROWERS

• Individuals, Corporations, LLC's, Foreign Nationals
• Spec Construction or Owner Builder
• Non-FICO driven. Decisions based on the quality of the project

LINE OF CREDIT DURING CONSTRUCTION!

• Interest charged only on funds disbursed
• No Holdback Accounts
• Save thousands in interest costs
• No reserves required

REALISTIC CONSTRUCTION PERIODS and...

• No prepayment penalties
• Refinance, Occupy or Sell the property at your leisure

FLEXIBLE DISBURSAL SCHEDULES

• Fast payments for completed line items

SIMPLE APPLICATION PROCESS

• Complete our on-line Submission Form

Rate1st.com offers a wide variety of Single Close Construction Loan Programs, this is a one-time close loan designed to provide the borrower with financing to build, remodel or improve a primary residence or 2nd home. These programs offer a single closing, allowing the borrower to qualify for both the construction and permanent mortgage with one set of credit documents. A simple note modification upon Completion of Construction will transition the borrower into permanent financing with no additional re-qualification or lender fees.

Building or renovating your dream house may be labor intensive, but getting a loan isn’t thanks to Rate1st.com. You’ll find that we’ve made the process simple, clear, and affordable.

With our single-close loan, you apply once and close once. While you’re building or renovating, you draw money as needed for expenses. Known as the Construction Phase of your loan, you only pay interest on the money you draw.

Plus, because unexpected expenses have been known to develop during the building or renovating of a home, there’s an optional cash reserve contingency plan to ensure you have enough money to finish the work.

Then, when the job is complete, you begin the Permanent Phase of your loan and start making regular monthly payments on your principal and interest.

Benefits of a construction or renovation loan include:

• Choice of Fixed or Fixed to Adjustable Rate Mortgage
• Choice of construction term – 6, 9, 12, 15 or 18 months
• Low interest rate based on prime during construction
• Low construction administration fees
• All construction costs may be included in loan amount
• Delayed escrows for taxes and insurance until loan becomes permanent
• Ideal for one and two-family homes and second homes

Discover how we can help build your dream into reality with the financing solution of our construction and renovation loans today.

• Building Renovation Loan
• New Construction Loan