Spec Construction Loans for Builders and Investors
Builder Loans for Spec Construction
Hard Money New Construction Loans
Spec Home Construction Loan Financing fast!
Hardmoneyman.com LLC is the market leader for spec home construction loans. We have made thousands of hard money spec home construction loans over the last 2+ decades.
While many lenders claim to make ground up construction loans, we have built houses ourselves and understand exactly what our borrowers are looking for in a lender on their deals.
With our commonsense underwriting and quick closings, you will never look for another lender again after closing your 1st deal with us!!
New construction spec home loans require a lender that understands the whole process from acquiring the lot (or lots and putting the pieces of the land together), to entitlements, permits, approved plans and then most important, closing your loan and getting your draws done quickly.
Submitting your application package for a Ground Up construction loan is quick and easy
Experience | Minimum Credit score | Interest Rate | Points | Advance on Lot Purchase | Advance on Construction | ARV/Loan to Cost | Property Types | Pre-Pay Penalty | Extensions | Blanket Loans | Loan Amounts | Loan Term | Closing Time | Approval time |
3+ New builds last 36 months | 680 mid | 11-13% | 2% or $2500 whichever is greater | Up to 70% | 100% | 70%/80% max | 1-4 unit residential, condos, townhouses | None | Available | No | 100k - 5MM | 12 Months | 7-14 Days | 30 Min from submission |
Hard Money New Construction Loans
These are loans for builders with lots that you’re ready to go vertical on (shovel ready), or houses that need to be torn down and rebuilt, spec homes, model homes for subdivisions.
Overall Loan Criteria for New Construction
- Minimum $150K Completed Value after the build
- 680+ Mid Credit Score
- Minimum 3 or more new builds and sales in the last 36 months
- Rates Starting at 11%
- 12-24 Month Term
- Loan Amounts from $100k – $3M
- This is for 1-4 unit residential and townhouses only
Lot Purchase + Construction
- 680+ Mid Credit
- 50-70% Lot cost
- 100% Construction cost
- 80-90% Total Loan to Cost
- 65-75% Completed Value
- Minimum 3 new build and sales in the last 36 months required
** The above percentages are based on credit and experience
Construction Funds Only (Lot Already Owned)
- 680+ Mid Credit
- 80% Loan to Cost (Price you paid + construction cost x 80% is the max we can lend)
- 65-70% Completed Value
- Minimum 3 new builds and sale in the last 36 months required
** The above percentages are based on credit and experience