Construction Loans
- Interest Rate: 6.5% – 9.5% for Multifamily property types
- Amortization: Up to 30 Years
- Eligible Property Types: single family and multifamily property
- Income: No Personal or Business Tax Returns Required
- LTC: Up to 90%
- Recourse: Full Recourse and Non-Recourse
- Borrower: Individual and entity
- Foreign National: Borrower must have a checking account in a US based bank
- Income Docs
- Insurance Docs
- Assets Docs
- Identification Docs
- Entity Docs
Construction Loans
Custom Mortgage offers Construction-to-Permanent loans for new conventional and manufactured/modular homes. Our One Time Close program provides construction financing, lot purchase and Permanent loan, all wrapped up in one loan. We provides interim financing and administration for true one-time close staged funded construction-to-permanent loans. When all conditions for closing are cleared with us, other than the final construction related conditions, the closing will be coordinated. Once closed, construction can begin. Because the permanent loan is closed before construction begins, there is no “re-qualifying”. This is a true one-time close; therefore, you will not need to return to the settlement agent for a second closing once construction is complete. Benefits of One Time Construction Loan:- Reduction in total cost due to only one closing
- Reduces interest rate risk
- FHA 96.5 LTV financing allowed
- 660 minimum FICO
- Only one closing prior to the start of construction
- No payments due from borrower during construction
- Borrower’s first payment begins once construction is complete
- No credit, document or appraisal expiration once the loan closes
- No re-qualification of borrower once construction is complete
- Builder/Retailer is allowed staged funding draws during construction based on line-item percentage completion
What are Construction Loans
How to Qualify for a Construction Loans
Construction Loans and Property Financing Overview:
In the world of real estate, construction loans and property financing are critical components of successful property development. Construction loans refer to the funds provided to developers and property owners to carry out the construction of their properties. The loan covers the expenses associated with purchasing land, building materials, and labor. Construction loans typically only cover a portion of the cost, with the rest being covered by the developer’s equity.
Property financing, on the other hand, is a loan provided by banks or other lending institutions to help investors and property buyers purchase real estate. Property financing covers the entire cost of purchasing a property, including the down payment and closing costs. Property financing options include traditional mortgages, government-backed loans, and private loans.
Both construction loans and property financing are essential for property development, as they provide the necessary funds to bring a project to completion. Developers must demonstrate financial stability and present a sound business plan to access these loans. Lenders use various metrics to assess risk and determine borrowing terms and interest rates. Ultimately, navigating construction loans and property financing requires a deep understanding of the industry and careful management of financial resources.
Construction Loans Loan Territories
State | City | County |
AL | Birmingham | Jefferson |
AL | Huntsville | Madison |
AL | Mobile | Mobile |
AL | Montgomery | Montgomery |
AL | Tuscaloosa | Tuscaloosa |
AK | Anchorage | Anchorage Borough |
AK | Fairbanks | Fairbanks North Star |
AZ | Chandler | Maricopa |
AZ | Gilbert | Maricopa |
AZ | Glendale | Maricopa |
AZ | Mesa | Maricopa |
AZ | Peoria | Maricopa |
AZ | Phoenix | Maricopa |
AZ | Scottsdale | Maricopa |
AZ | Surprise | Maricopa |
AZ | Tempe | Maricopa |
AZ | Tucson | Pima |
AZ | Yuma | Yuma |
AR | Fort Smith | Sebastian |
AR | Little Rock | Pulaski |
CA | Agoura Hills | Los Angeles |
CA | Anaheim | Orange County |
CA | Antioch | Contra Costa |
CA | Bakersfield | Kern |
CA | Berkeley | Alameda County |
CA | Beverly Hills | Los Angeles |
CA | Burbank | Los Angeles |
CA | Calabasas | Los Angeles |
CA | Carlsbad | San Diego |
CA | Carson | Los Angeles |
CA | Chico | Butte |
CA | Chula Vista | San Diego |
CA | Clovis | Fresno |
CA | Compton | Los Angeles |
CA | Concord | Contra Costa |
CA | Corona | Riverside |
CA | Coronado | San Diego |
CA | Costa Mesa | Orange County |
CA | Daly City | San Mateo |
CA | Downey | Los Angeles |
CA | El Cajon | San Diego |
CA | El Monte | Los Angeles |
CA | Elk Grove | Sacramento |
CA | Escondido | San Diego |
CA | Fairfield | Solano |
CA | Fontana | San Bernardino |
CA | Fremont | Alameda |
CA | Fresno | Fresno |
CA | Fullerton | Orange |
CA | Garden Grove | Orange |
CA | Glendale | Los Angeles |
CA | Hayward | Alameda |
CA | Huntington Beach | Orange |
CA | Inglewood | Los Angeles |
CA | Irvine | Orange |
CA | Laguna | Orange |
CA | Lancaster | Los Angeles |
CA | Long Beach | Los Angeles |
CA | Los Angeles | Los Angeles |
CA | Malibu | Los Angeles |
CA | Marina Del Rey | Los Angeles |
CA | Millbrae | San Mateo |
CA | Mission Viejo | Orange |
CA | Modesto | Stranislaus |
CA | Moreno Valley | Riverside |
CA | Murrieta | Riverside |
CA | Newport | Orange |
CA | Norwalk | Los Angeles |
CA | Oakland | Alameda |
CA | Oceanside | San Diego |
CA | Ontario | San Bernardino |
CA | Orange | Orange |
CA | Oxnard | Ventura |
CA | Palmdale | Los Angeles |
CA | Pasadena | Los Angeles |
CA | Pomona | Los Angeles |
CA | Rancho Cucamonga | San Bernardino |
CA | Rancho Palos Verdes | Los Angeles |
CA | Rialto | San Bernardino |
CA | Richmond | Contra Costa |
CA | Riverside | Riverside |
CA | Rolling Hills Estates | Los Angeles |
CA | Roseville | Placer |
CA | Sacramento | Sacramento |
CA | Salinas | Monterey |
CA | San Bernardino | San Bernardino |
CA | San Diego | San Diego |
CA | San Francisco | San Francisco |
CA | San Jose | Santa Clara |
CA | San Mateo | San Mateo |
CA | Santa Ana | Orange |
CA | Santa Barbara | Santa Barbara |
CA | Santa Clara | Santa Clara |
CA | Santa Clarita | Los Angeles |
CA | Santa Cruz | Santa Cruz |
CA | Santa Maria | Santa Barbara |
CA | San Marino | Los Angeles |
CA | Santa Monica | Los Angeles |
CA | Santa Rosa | Sonoma |
CA | Sausalito | Marin |
CA | Simi Valley | Ventura |
CA | Solana Beach | Solano |
CA | South Gate | Los Angeles |
CA | Stockton | San Joaquin |
CA | Sunnyvale | Santa Clara |
CA | Temecula | Riverside |
CA | Thousand Oaks | Ventura |
CA | Torrance | Los Angeles |
CA | Vacaville | Solano |
CA | Vallejo | Solano |
CA | Ventura | Ventura |
CA | Victorville | San Bernardino |
CA | Visalia | Tulare County |
CA | Vista | San Diego |
CA | West Covina | Los Angeles |
CA | Westlake Village | Los Angeles |
CA | Westminster | Orange |
CO | Arvada | Jefferson |
CO | Aurora | Douglas |
CO | Boulder | Boulder |
CO | Centennial | Arapahoe |
CO | Colorado Springs | El Paso |
CO | Denver | Arapahoe |
CO | Fort Collins | Larimer |
CO | Greeley | Weld |
CO | Lakewood | Jefferson |
CO | Longmont | Boulder |
CO | Pueblo | Pueblo |
CO | Thornton | Adams |
CO | Westminster | Adams |
CT | Bridgeport | Fairfield |
CT | Hartford | Hartford |
CT | New Haven | New Haven |
CT | Stamford | Fairfield |
CT | Waterbury | New Haven |
DE | Dewey Beach | Sussex |
DE | Dover | Kent |
DE | Newark | New Castle |
DE | Middleton | New Castle |
DE | North Star | New Castle |
DE | Rehoboth Beach | Sussex |
DE | Wilmington | New Castle |
FL | Boca Raton | Palm Beach |
FL | Cape Coral | Lee |
FL | Clearwater | Pinellas |
FL | Coral Springs | Broward |
FL | Davie | Broward |
FL | Fort Lauderdale | Broward |
FL | Gainesville | Alachua |
FL | Hialeah | Miami-Dade |
FL | Hollywood | Broward |
FL | Jacksonville | Duval |
FL | Lakeland | Polk |
FL | Miami Beach | Miami-Dade |
FL | Miami Gardens | Miami-Dade |
FL | Miami | Miami-Dade |
FL | Miramar | Broward |
FL | Ocala | Marion |
FL | Orlando | Orange |
FL | Palm Bay | Brevard |
FL | Palm Beach | Palm Beach |
FL | Pembroke Pines | Broward |
FL | Pincrest | Miami-Dade |
FL | Plantation | Broward |
FL | Pompano Beach | Broward |
FL | Port Saint Lucie | Saint Lucie |
FL | Saint Petersburg | Pinellas |
FL | Sunrise | Broward |
FL | Tallahassee | Leon |
FL | Tampa | Hillsborough |
FL | West Palm Beach | Palm Beach |
GA | Athens-Clarke | Clarke |
GA | Atlanta | Fulton |
GA | Augusta | Augusta-Richmond |
GA | Columbus | Muscogee |
GA | Roswell | Fulton |
GA | Sandy Springs | Fulton |
GA | Savannah | Chatham |
HI | Honolulu | Honolulu |
ID | Boise | Ada |
IL | Aurora | Kane |
IL | Chicago | Cook |
IL | Elgin | Kane |
IL | Joliet | Kendall |
IL | Naperville | DuPage |
IL | Peoria | Peoria |
IL | Rockford | Winnebago |
IL | Springfield | Sangamon |
IL | Waukegan | Lake |
IN | Fort Wayne | Allen |
IN | Indianapolis | Marion |
IA | Cedar Rapids | Linn |
IA | Davenport | Polk |
IA | Des Moines | Polk |
KS | Overland Park | Johnson |
KS | Wichita | Sedgwick |
KY | Lexington | Fayette |
KY | Louisville | Jefferson |
LA | Baton Rouge | Marshall |
LA | New Orleans | Orleans Parish |
LA | Shreveport | Caddo Parish |
ME | Portland | Cumberland |
MD | Baltimore | Baltimore |
MA | Boston | Suffolk |
MA | Brockton | Plymouth |
MA | Cambridge | Middlesex |
MA | Fall River | Bristol |
MA | Lowell | Middlesex |
MA | Lynn | Essex |
MA | New Bedford | Bristol |
MA | Quincy | Norfolk |
MA | Springfield | Hampton |
MA | Worcester | Worcester |
MI | Ann Arbor | Washtenaw |
MI | Dearborn | Wayne |
MI | Detroit | Wayne |
MI | Flint | Genesee |
MI | Grand Rapids | Kent |
MI | Lansing | Ingham |
MI | Livonia | Wayne |
MI | Sterling Heights | Macomb |
MI | Warren | Macomb |
MN | Minneapolis | Hennepin |
MN | Saint Paul | Ramsey |
MS | Jackson | Hinds |
MO | Kansas City | Wyandotte |
MO | Springfield | Greene |
MO | Saint Louis | Saint Louis |
MT | Bozeman | Gallatin |
NE | Lincoln | Lancaster |
NE | Omaha | Douglas |
NV | Henderson | Clark |
NV | Las Vegas | Clark |
NV | North Las Vegas | Clark |
NV | Reno | Washoe |
NH | Manchester | Hillsborough |
NJ | Elizabeth | Union |
NJ | Jersey City | Hudson |
NJ | Newark | Essex |
NJ | Paterson | Passaic |
NM | Albuquerque | Bernalillo |
NY | Albany | Albany |
NY | Buffalo | Erie |
NY | New York | New York |
NY | Rochester | Monroe |
NY | Yonkers | Westchester |
NC | Cary | Chatham |
NC | Charlotte | Mecklenburg |
NC | Durham | Durham |
NC | Fayetteville | Cumberland |
NC | Greensboro | Guilford |
NC | High Point | Guilford |
NC | Raleigh | Wake |
NC | Wilmington | New Hanover |
NC | Winston-Salem | Forsyth |
ND | Williston | Williams |
OH | Akron | Summit |
OH | Cincinnati | Hamilton |
OH | Cleveland | Cuyahoga |
OH | Columbus | Franklin |
OH | Dayton | Montgomery |
OH | Toledo | Lucas |
OK | Broken Arrow | Tulsa |
OK | Norman | Cleveland |
OK | Oklahoma City | Oklamhoma |
OK | Tulsa | Tulsa |
OR | Beaverton | Washington |
OR | Eugene | Lane |
OR | Gresham | Multnomah |
OR | Hillsboro | Washington |
OR | Portland | Multnomah |
OR | Salem | Marion |
PA | Allentown | Lehigh |
PA | Erie | Erie |
PA | Philadelphia | Centre |
PA | Pittsburgh | Allenheny |
RI | Providence | Providence |
SC | Charleston | Charleston |
SC | North Charleston | Berkleley |
SD | Sioux Falls | Minnehaha |
TN | Knoxville | Knox |
TN | Memphis | Shelby |
TN | Murfreesboro | Rutherford |
TN | Nashville | Davidson |
TX | Allen | Collin |
TX | Amarillo | Potter |
TX | Arlington | Tarrant |
TX | Austin | Travis |
TX | Carrollton | Dallas |
TX | Corpus Christi | Nueces |
TX | Dallas | Dallas |
TX | Denton | Denton |
TX | El Paso | El Paso |
TX | Fort Worth | Tarrant |
TX | Frisco | Collin |
TX | Garland | Dallas |
TX | Grand Prairie | Dallas |
TX | Houston | Harris |
TX | Irving | Dallas |
TX | Laredo | Webb |
TX | McKinney | Collin |
TX | Mesquite | Dallas |
TX | Plano | Collin |
TX | Richardson | Dallas |
TX | San Antonio | Bexar |
UT | Salt Lake City | Salt Lake |
VT | Burlington | Alamance |
VA | Alexandria | Fairfax |
VA | Chesapeake | Chesapeake |
VA | Hampton | Elizabeth City |
VA | Newport News | Warwick |
VA | Norfolk | Norfolk |
VA | Portsmouth | Portsmouth |
VA | Richmond | Chesterfield |
VA | Roanoke | Roanoke |
VA | Virginia Beach | Virgina Beach |
WA | Bellevue | King |
WA | Everett | Snohomish |
WA | Federal Way | King |
WA | Kent | King |
WA | Renton | King |
WA | Seattle | King |
WA | Spokane Valley | Spokane |
WA | Spokane | Spokane |
WA | Tacoma | Pierce |
WA | Vancouver | Clark |
WA | Washington, D.C. | Washington |
WA | Yakima | Ferguson |
WV | Charleston | Kanawha |
WI | Green Bay | Brown |
WI | Kenosha | Kenosha |
WI | Madison | Dane |
WI | Milwaukee | Milwaukee |
WY | Gillette | Campbell |