LOT/LAND CONSTRUCTION LOANS
This program is designed for borrowers in need of financing to purchase a residential lot. Residential lots must be eligible for the present or future new construction of a residential property. Construction financing is also available.
- Loan amounts from $35,000 to $1,500,000
- Loan amounts up to 75% of the purchase price in improved subdivisions, where construction will begin soon after the acquisition, otherwise up to 65% loan to value.
- Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts Term up to 18 months available.
- Terms greater than 18 months will be considered with a lower loan to value Foreign Nationals eligible
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days
- No minimum acreage requirements or maximum limitations
- Available to Borrowers with excellent to less-than-perfect credit (subject to underwriting)
- Residentially zoned land Limited income documentation available at 40% loan to value or less