New construction loans for builders with shovel-ready lots.
LOAN TO VALUE
Up t0 70% ARV
LOAN TERMS
9 to 12 Month terms
LOAN SIZE
$50,000 to $750,000
LOAN TYPE
Interest Only (as drawn)
INTEREST RATES
12.99%
NOTE: Land/Lots must be purchased in advance with all necessary approvals permits before the loan will be issued.
Fee Structure
ORIGINATION FEEE
2.99% of Loan Amount
PROCESSING FEEE
$995
EVALUATION FEE
$395
DRAW FEES
$195 Per Draw
Other Costs
Builders Risk Insurance
Lender's Title Insurance/Title Company Settlement Fees
Loan Document Prep Fee
6 Months interest Reserve Required
DISCLAIMER: This document is not a loan offer. Terms and conditions listed above are only an example of a typical loan structure from REI Bankers, LLC. Every loan application is subject to underwriting, and loan terms are structured on a case by case basis based on risk analysis and other factors. Funds allocated to repairs are held back in escrow by REI Bankers, LLC.
