• NEW CONSTRUCTION LOAN APPLICATION

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  • YOU ARE APPLYING FOR A GROUND UP CONSTRUCTION LOAN.

    This means you own a piece of land and no property is built on the land at all; yet. A ground up construction loan involves starting a building project from a parcel of land and working toward a finished building. This can also be a full tear down and re-build; which we consider a ground up construction loan.

     

    Loan parameters are as follows:

    • Final plans and permits must be in place.

    • The land must be owned free and clear.

    • Land must be shovel ready with all infrastructure in place (i.e. roads, water, electric, gas etc.) We do not provide horizontal infrastructure or land development financing. 

    • We only provide vertical hard cost financing that works on a reimbursement schedule. This means the client must start the construction with their own funds, and then we will reimburse you in draws ONLY for work completed, and only after a site inspector verifies the completed work. There is no limit to the amount of draws you can request. There is a $200 fee for each site inspector visit. After each site inspection is complete, you will be reimbursed for construction costs within 3-4 business days.

    • If this is a PUD (condo, townhome or single family home development) we only lend per property (and only 3-5 at a time) so when applying please only enter numbers for one single home a.k.a the numbers you give us need to be broken down for one single family home (or property).


    These rules also apply to ground up construction of properties zoned commercial.

  • For 1-4 unit investment and Commercial Properties

  • BORROWER INFO

  • Format: (000) 000-0000.
  • Format: (000) 000-0000.
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  • Borrower's U.S. Citizenship Information*
  • Does the borrower Rent or Own their primary residence?*
  • Does the borrower have any of the following we need to know about?:IRS issues/liens, Tax liens, judgments, past bankruptcies, past chapter filings, past foreclosures, past home modifications, recent or pending lawsuits against them, current delinquent bills, or any current or past credit issues*
  • Please select which one(s) is/are applicable.*
  • Are you currently on a payment plan with the IRS for this lien?*
  • When did you begin your IRS Payment Plan*
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  • When did this Judgment occur?*
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  • When did this Bankruptcy occur?*
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  • When did this Past Chapter Filing occur?*
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  • When did this Home Modification occur?*
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  • What is the status of this lawsuit?*
  • When was this Lawsuit concluded?*
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  • When was this Short Sale?*
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  • Has the borrower ever had a Late Mortgage Payment?*
  • When did the most recent Mortgage Late occur?*
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  • Has the borrower ever been convicted of a felony?*
  • When did the Felony occur?*
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  • Does the Borrower file taxes with the IRS regularly every year?*
  • What years have NOT been filed?*
  • Does the borrower own any other investment / rental properties?*
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  • Does the borrower (or borrowers) have any previous Rehab Experience?*
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  • Does the borrower (or borrowers) have any previous New Construction Experience?*
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  • PROPERTY INFORMATION

  • Will the home be affixed to a permanent foundation?*
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  • Property's current zoning?*
  • Is the property correctly zoned for the intended project?*
  • Is there/will there be an HOA where this property is located?*
  • How will the Borrower(s) intend to Occupy or Utilize the property once built?*
  • (!)  We cannot offer financing for Owner Occupied Residential Properties where the borrower intends to live in any of the units. That said, we have a partnership with a very reputable National Residential Mortgage Brokerage who may be able to assist you. Would you like a referral?*

  • LOAN REQUEST INFORMATION

  • Realistically, when do you need to close by?*
  • Since your on a time crunch, what is the Exact Date that you need to close by at the very latest?*
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  • We'll do our best to meet your deadline, but if absolutely necessary, are you able to obtain an extension?*
  • Are the buyer and seller related by blood or marriage on this transaction?*
  • Is the borrower currently in a Purchase & Sales Agreement*
  • When does your Purchase & Sales Contract expire?*
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  • Was the Purchase & Sales Contract entered into an "All Cash" Agreement or "Mortgaged"?*
  • Is the borrower buying this property from a Wholesaler?*
  • Please note** We will also need copies of both Purchase & Sales Contracts between both: 1) The Wholesaler and Seller (A-B) & 2) The Borrower and the Wholesaler (B-C)*
  • Date you originally acquired the property*
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  • Are there already approved plans and permits on the land?*
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  • Have any improvements been made to the property since the borrower acquired it?*
  • Has the borrower put any Earnest Money Down (EMD) on the subject property?*
  • Borrower's Exit Strategy*
  • Is the Borrower already working with another broker or lender?*

  • BROKER INFO

  • Are you currently working with a broker, or are you a broker/originator submitting on behalf of your borrower?*
  • Format: (000) 000-0000.

  • VERIFY

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  • Submission Time & Date
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