Investors and Contractors renovating and/or building "Spec" homes, may find themselves short on funds to complete. Unexpected expenses can funnel the Construction Funds Budget in another direction. When this happens, the contractor will plead the matter to the construction lender for an extension and additional funds. If the lender declines the requested funding, we may be the answer.
In this scenario below, the contractor needed an additional $200K to complete this 8,000 sq. ft. home in Falls Church, Virginia. We provided the funding to pay off the existing first trust and establish a new escrow account for the remaining construction funding. We closed this request in 10 working days!
LOAN PROGRAM: SIX MONTHS NO PAYMENTS! RATE: 10% LOAN ORIGINATION Fee: 1.75% (NO OTHER POINTS)
EXAMPLE...Borrow: $200,000 Pay Back: $220,000. FREE 90 Day extension if project is complete and on the market.