Ground-Up New Construction Loans Help Builders Stay on Track
Homebuyers aren’t the only people who need the help of a mortgage broker. For some people, like builders, getting a mortgage gets them one step closer to reaching their business goals.
Are you a builder who is in need of a mortgage to fund your next project? We offer a Ground-Up New Construction loan to help you secure start-to-finish financing for your next development.
Ground-Up New Construction Loans: The Basics
Our Ground-Up New Construction loan is financing built for builders. It is designed specifically for non-owner-occupied residential construction projects. This program provides simple, fast, and flexible funding for our valued clients.
What Will a Ground-up New Construction Loan Do for Me?
We know that as a builder, time is money. That’s why we offer a program with less time-consuming red tape during the underwriting process. Here are a few additional benefits you’ll experience with this type of loan:
- In-house loan servicing
- Fast due diligence procedures
- Rapid closings so you can move on to the next phase of your project
This program also offers fast construction draws with the help of an in-house construction management team to ensure that everyone involved in the project is on the same page regarding payment.
Characteristics of the Ground-Up New Construction Loan
Do you think a Ground-Up New Construction loan is the right choice for you? Here are a few things you need to know about this program:
- These are interest-only loans, meaning that the borrower is only responsible for making interest payments initially. Principal payments are withheld for a specified period.
- The borrower does not pay interest on undrawn funds.
- The borrower can choose from 13-, 19-, or 24-month loan terms to meet their needs.
- The borrowed funds can be used for spec builds, model homes, modular homes, infill projects, and other types of new construction financing.
- In-house construction management is available to coordinate your project and payment timelines.
- Non-recourse loan options are available to protect the borrower’s assets.
Understanding the Value of In-House Construction Management
When construction projects fall behind, financing falls through, and nobody gets paid! This loan program provides in-house construction management to coordinate with the borrower, lender, and builder (if applicable), ensuring that the project isn’t delayed due to a lack of funds.
Contact MortgageDepot Today!
At MortgageDepot, we offer a complete selection of loan products targeted at builders and property investors. If you are interested in pursuing a Ground-Up New Construction loan, we can help you determine your eligibility. Contact the knowledgeable loan officers at MortgageDepot today to learn more about our Ground-Up New Construction loan and start your next successful project!
Connect with one of our loan consultants to learn more.