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Construction Lending is Hot! Hot! Hot!
WE JUST CLOSED LAST WEEK ON A $3.7 MILLION DOLLAR PURCHASE AND COMMERCIAL CONSTRUCTION LENDING AT 80% LTV! It was conventional, non-SBA and the rate was 5.5% with no bank points. The tenant was a successful local restaurant opening up their 5th location. We closed the loan in 31 days from time of signing of the approval until it closed and funded. HUGE!!! Now the deal was strong but the speed, execution and terms were excellent. The borrowers were very pleased.
A LOT of money is available for construction projects. We have some incredible niches including the following HOT products:
-NON RECOURSE First mortgage Bridge Debt Up to 80%-85% for Multi-family in Major Metros….75-80% for other main property types including hotels! NON-RECOURSE! These are for larger projects above $5 Million up to 100 Million! Rates tend to be 8.5% or so. THIS IS PRIVATE MONEY, NON GOVERNMENT DEBT. That means quicker closings. It is the lowest cost high LTC non-recourse money available and WE HAVE IT. Call me today to see if your project qualifies!
-Green and SBA 504 Construction Projects Up to $25 Million! These loans will have blended rates close to 5% and we can do HOTELS, Self Storage, Funeral Homes, Bowling Alleys and many other special purpose properties. This is a very hot product-this will often take the Loan to Cost (LTC) up to 85-90%! With a green project, we can do SBA loans EVEN if you have maxed out your SBA eligibility. Call me to discuss ways to make your project “green” and hence, qualify for this special financing.
-100% Construction Money for credit tenant NNN construction projects. If you have a signed NNN lease from a credit tenant and need the money to build out the space, we can get up to 100% of cost on that project. Call me today if you have that scenario and we can bring the money to you.
These are just some of the construction options we have available. Of course, we can fund smaller projects as well though the local banks do a pretty good job on the small stuff. We are more for the deals that are too large or need higher Loan to Cost than the banks are willing to do. The key to using me is that I will review the loan for FREE and typically have terms in writing in 72 hours. There is no cost to get an expert second opinion and possibly, approval…..just call me today at 512-650-8630 or get started by completing the form.
Give me a CALL TODAY at 512-650-8630 or 512-354-4949 or get started by completing the form.