New Construction Loan Program
At IGR Mortgage Services we have programs for builders and developers to finance ground-up construction projects. With the flexibility of funding with private money, we can provide the capital to cover up to 85% of the project costs for single-family to larger multi-family and commercial projects.
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New Construction Loans Overview
Our New Construction Loans funded with private money provides capital for the purchase and construction costs of new ground-up projects. We provide construction financing for detached single-family homes, condominiums and mixed use properties. If the transaction involves the purchase of a lot or land, a portion of the acquisition cost can be covered at closing and the construction part of the loan is set aside in a hold-back account.
A draw schedule is established for the construction funds and inspections are done as work is completed. Funds are disbursed when confirmation of completion is obtained. Draws are usually completed within about 3 days. At IGR Mortgage Services we deliver construction financing that is flexible and efficient to help builders succeed with their projects.
New Construction Loan Program Features:
Single-Family, Condos, Townhomes & Multi-Family.
- Loan Amounts from $100K to $10M+
- Up To 85% of Project Costs
- Up To 50% For Lot Advance
- Interest Rates 8.0% – 13.99%
- 12 to 24 Month Term
- Interest Only Payments
- No Interest Charged On Un-drawn Funds
- No Pre-Payment Penalty
- 650 + Credit Score
- Flexible Underwriting For Approvals
- Most Programs Available to Experienced Builders With Completed Projects in the Last 36 Months
Why Builders Should Use Our New Construction Loans
IGR Mortgage Services provides New Construction Loans with private money which is more flexible than bank loans. Builders can close transactions faster with less paperwork and documentation. This will help builders increase their inventory turn-over and profitablity.
With the price of housing rising rapidly in many U.S. markets builders and developers currently enjoy favorable market dynamics. Our hassle-free New Construction Loans help builders grow their businesses.
Alternative Income Documentation: Self-employed builders often have a difficult time documenting income. With flexible programs including Stated Income and No Doc qualifying we can close construction loans that institutional lenders decline.
Less Expensive Than Hard Money: Historically when builders could not qualify for bank financing or faced loan limitations with banks, the only alternative would be hard money. With our affordable New Construction Loans builders enjoy substantial savings in fees and rates over the hard money which goes directly to their bottom line.
Avoid Waiting Period Requirements: Institutional lenders have waiting period requirements for builders coming out of bankruptcy, foreclosure, short sales or deed in lieu of foreclosure. Builders can qualify for New Construction Loans with IGR Mortgage one day after these events.
Eligible Properties For New Construction Loans
Residential 1 to 4 Units
Residential is classified as single-family and plexes up to four units including condominiums, rowhouses, townhomes and P.U.D’s. At IGR Mortgage we provide funds to investors to purchase, refinance, fix & flip, or hold and rent.
Multi-Family 5 to 100 Units
Multi-family is housing where multiple units (5+) for residential use are in one or more buildings within a community or complex. We provides funds to investors to purchase or refinance with loans amounts of $100K or more.
Mixed Use
Mixed-Use is a project that blends residential and commercial uses into one integrated complex or building. Common loan scenarios are purchase, refinance, bridge to stabilization, bridge to sale, or bridge to construction take-out.
If you have a question about a New Construction Loan give us a call to discuss your situation. One ten-minute call may just be the ticket to a fast solution to meet your financing needs!
IGR Mortgage Services has been providing investors with hard money loan options for over 30 years. We offer Fast & Affordable financing. for investors of every experience level. Call today to or send us your loan scenario to review!