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Construction completion loans are similar to our rehab loans in
structure and terms. Generally speaking, we can put together a
loan to a maximum of 60% of the 'as complete' value of a project.
We can
help with construction completion lending for most property types.
In addition, we can work with an acquisition/completion scenario, or we
can structure a construction completion loan for a property currently
owned.
With
the banks very reluctant to lend on construction projects these days, a
short term bridge loan of this nature is often times the answer to your
needs. Although the money is more expensive than institutional
financing, it can bridge the gap between unfinished and completed,
allowing you to finish construction and then obtain a take out loan
through a bank at more advantageous terms than we are able to offer.
Construction completion is different than ground up construction.
If you have a ground up construction project, please call us to discuss
the particulars. If you have a project that only needs to be
completed, however, please call or email us with the information listed
below and we will let you know how we can help.
Email me the following items:
-
Property Address & Estimated Value at Completion
- Property Specs
as Complete (Sqft/Bed/Bath
count)
-
Construction Cost Estimate,
Breakdown or Bid - Please Give Complete Cost Breakdown, and Itemize What
is Completed and What Needs to be Completed
-
Pictures of the Property in Current Condition (Please Set Your Camera
Settings to the Lowest Resolution Possible for Easy Emailing!)
-
Amount of Cash You Have Into the Project to Date
Please
email these items, or have them handy when you call to discuss your
scenario, thank you!
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