New Construction Loans

The Perfect Loan For Your Shovel-Ready Project

Our Construction Loan is for the purchase or refinance of entitled lots, ready for building your project. Whether you're constructing single-family homes, condos, townhomes, or 2-4 unit properties, we've got a solution for you!

Our Get My Rate tool can get you a customized quote in just 5 minutes!

Details

Up to 18 Month Term

Loan amounts ranging from $500k-$30MM

Loan to Value up to 65%

Loan to Cost up to 90%

LOAN GUIDELINES

TERM
  • Up to 18 months, per property (budget)
  • LTV (Loan to Value)
  • Up to 65% (based on as-improved value)
  • PURPOSE
  • Purchase, refinance, or cash-out refinance
  • LTC (Loan to Cost)
  • Up to 90% (based on cost to build)
  • PROPERTY TYPE
  • Single Family
  • Condo
  • 2-4 Unit Properties
  • Townhouses
  • BORROWER EXPERIENCE
  • Must have built and sold the same number of units or more in the last 18 months
  • Example: Borrower applying for a 3-unit loan, Borrower must show 3 completed and sold projects in the last rolling
  • 12 months

  • Proven track record with a similar scope project
  • LOAN SIZE
  • Projects Up to – $50,000,000
  • Min Loan Amount – $500,000
  • Max Loan Amount Per Property/Lot – $3,000,000
  • Total Max Loan Amount – $15,000,000
  • Total Max Loan Amount Condo – $30,000,000
  • Max Guarantor Loan Commitment with Builders Capital – $50,000,000
  • See Borrower Requirements for concentration limits
  • FUNDS, CLOSING & PAYMENTS
  • For purchase (if not already owned), and reimbursement of work in progress (if approved)
  • Interest Reserve or monthly payments
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    GENERAL REQUIREMENTS
  • All lending for investment purposes only
  • Interest calculated on drawn balance
  • Construction draws based on inspection report
  • No rural properties
  • Apartments and Development-only loans not allowed
  • 1st Lien Position at all times
  • BORROWER REQUIREMENTS
  • No individuals. Must be an LLC or Corporation
  • Minimum 660 credit score
  • Reserve requirement: Borrower / Guarantor must demonstrate a minimum aggregate 5% liquidity
  • relative to all BC committed loans

  • Personal Guarantee preferred: Limited Guarantee on case-by-case basis
  • Concentration limit per guarantor is $50,000,000 on total portfolio
  • Continue down to Documentation Requirements

    DOCUMENTATION REQUIREMENTS

    Getting Started

    BORROWER / GUARANTOR

  • Signed Estimated Loan Terms
  • Completed Loan Application
  • Borrower/Builder/Guarantor Resume
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    PROJECT

  • Purchase and Sale Agreement w/ All Addendums (if Purchase)
  • Construction Site Plan, Elevation Drawings, Floor Plans
  • (including dimensions) and plat map (if necessary)

  • Preferred Title Insurance Company & Contact
  • Preferred Insurance Company & Contact
  • Breakdown of Costs Already Paid into Project
  • Builder Resume (if different from Borrower/Guarantor Resume)
  • Description of Permit Status
  • Getting Funded

    BORROWER / GUARANTOR

  • Most Recent Two Months Bank Statements (Borrower & Guarantors)
  • Most Recent Two Years Tax Returns (Borrower & Guarantors)
  • Borrower Entity Documents and Appropriate Business Licenses:
  • – Legal Filing Documents

    – Operating Agreement & Certificate of Formation (LLC)

    – Articles of Incorporation & Bylaws (Corporation)

    PROJECT

  • Builder Material Specs
  • Project Budgets on Builders Capital Budget Template
  • Completed Construction Agreement (if using a 3rd Party Builder)
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    *The list above shows Borrower provided documentation. All third-party order outs still apply, including standard appraisals, title and 3rd party project reviews.

    **Non rural markets only.  |  Effective Date: 5/25/2022 – Product Guidelines are subject to change at any time.

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    Overall Lending

    $6.0 Billion

    Active Loans

    $3.5 Billion

    New Capital Available

    $700 Million