Residential Construction/Spec

NEW PRIVATE MONEY CONSTRUCTION/REFINANCE

  • Property Types: Residential Investment 1-4 unit
  • LTV 75% of the After Constructed Value
  • Rate 9-12% interest only
  • NO Doc NO Money out of pocket (except for appraisal you choose)
  • 600 minimum credit score
  • will allow partners to added to LLC for score and or experience
  •  Up to 24 month Term
  • No Down Payment
  • No Prepayment penalty
  • No Reserve Requirements
  • Closing Cost included in the Loans
  • Monthly Payments included in the loan
  • NO Income Verification
  • Must own property or purchase with Cash
  • Must lay foundation slab or built up

A new way to way to spec home lending. Only here at the Money Source of America. Click Get Approved to Get your project funded today!

see below this recent 7 home project we just funded in South Florida

porfolio 9 homes naples florida 2.5 million

 

Residential Spec Loans

Loan Parameters

  • Property Types: Residential 1-4 unit investment properties only
  • Purchase and Construction
  • Rate: 9-12 % interest only
  • LTV: 70% of the completed value
  • LTC 90%
  • Loan Term: 6 - 12 months extensions available
  • Credit/Income: minimum 600. We do not have specific credit or income requirements for our new construction loans.We base our approvals on the project and the builders experience level.
  • Reserve Requirement 6 months I/O payments
  • Minimum Down Payment: Typically need 10 % of total cost for down payment.Will use equity in the land or lot if owned  free and clear or can do the Construction/ Refinance program above. NO Money out of pocket
Texas Renovation JV Partnership
 Recently funded this Spec home for experienced
Contractor in Dallas, Texas. 
 APPROVAL PROCESS USUALLY LESS THAN 48 HOURS
877-243-3432