Residential Construction Loans - MetroCity Capital Group

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Residential Construction Loans

Loan Types

Borrower/Builder Construction Loan
This program is designed for Borrowers who are hiring a builder to construct a residential property.

Loan amounts from $100,000 to $2,500,000
Loan amounts up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Please call for additional information on other programs offered. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
Deal directly with the Loan Officer/Underwriter
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family homes preferred, see Multi-Family for more than 4 units
12 month construction term
Interest only payments based on funds advanced

Loans available for owner occupied and non-owner occupied properties in the following states: CA, CT, DE, FL, IA, MA, MD, MI, NC, NJ, NY, OR, PA, RI, TX, VA, WA
Loans available for non-owner occupied properties only: AK, AL, AR, CO, GA, HI, ID, IN, KS, KY, ME, MO, MS, MT, NE, NM, OH, OK, SC, TN, UT, WY   

Self-Build Construction Loan

This program is designed for Borrowers who are acting as their own general contractor to construct a residential property.

Borrower acts as own General Contractor (No site supervisor required)
Loan amounts from $100,000 to $2,500,000
Loan amounts up to 90%* of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Please call for additional information on other programs offered. (*Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
Deal directly with the Loan Officer/Underwriter
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family homes preferred, see Multi-Family for more than 4 units
12 month construction term
Interest only payments based on funds advanced

Loans available for owner occupied and non-owner occupied properties in the following states: CA, CT, DE, FL, IA, MA, MD, MI, NC, NJ, NY, OR, PA, RI, VA, WA
Loans available for non-owner occupied properties only: AK, AL, AR, CO, GA, HI, ID, IN, KS, KY, ME, MS, MO, MT, NE, NM, OH, OK, SC, TN, UT, WY '

Renovation Loan
This program is designed for Borrowers who need to finance the renovation or expansion of a property they currently own or they plan to purchase.

Borrower acts as own General Contractor (No site supervisor required)
Loan amounts from $100,000 to $2,500,000
Loan amounts up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Please call for additional information on other programs offered. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Deal directly with the Loan Officer/Underwriter
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family homes preferred, see Multi-Family for more than 4 units
12 month construction term
Interest only payments based on funds advanced

Loans available for owner occupied and non-owner occupied properties in the following states: CA, CT, DE, FL, IA, MA, MD, MI, NC, NJ, NY, OR, PA, RI, TX, VA, WA
Loans available for non-owner occupied properties only: AK, AL, AR, CO, GA, HI, ID, IN, KS, KY, ME, MS, MO, MT, NE, NM, OH, OK, SC, TN, UT, WY

Builder/Sold Construction Loan
This program is designed to provide a business loan to a Builder who has a contract to sell the home once the property is completed.

Loan amounts from $100,000 to $2,500,000
Loan amounts up to 75% of the contract price on conforming loan amounts, otherwise up to 70% of contract price. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Land purchase may be included in the construction loan. Please call for a quote.
Deal directly with the Loan Officer/Underwriter
Full and Limited Documentation programs available
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family homes preferred, see Multi-Family for more than 4 units
12 month construction term (longer terms considered on an exception basis)
Interest only payments based on funds advanced
New Builders will be considered


Builder Model/Spec Construction Loan
This program is designed to provide a business loan to a Builder for the construction of a model or spec home.

Loan amounts from $100,000 to $2,500,000
Loan amounts up to 60% of the appraised value (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Land purchase may be included in the construction loan. Please call for a quote.
Deal directly with the Loan Officer/Underwriter
Full and Limited Documentation programs available
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family homes preferred, see Multi-Family for more than 4 units
12 month construction term (longer terms considered on an exception basis)
Interest only payments based on funds advanced
New Builders will be considered

Loans available in the following states: AK, AL, AR, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WY
Loans available in the following states: AK, AL, AR, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WY

Mult-Family 2-4 Unit Construction Loan

This program is designed for Borrowers who are constructing a 2 to 4 family residential owner occupied property. Non-owner occupied properties allowed, please call for a quote.

Self Build available
Loan amounts from $100,000 to $2,500,000
Loan amounts up to 75% of the appraised value (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
Land purchase may be included in the construction loan. Please call for a quote.
Deal directly with the Loan Officer/Underwriter
Full and Limited Documentation programs available
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible draw schedules
12 month construction term (Longer terms considered)
Interest only payments based on funds advanced

Loans available for owner occupied and non-owner occupied properties in the following states: CA, CT, DE, FL, IA, MA, MD, MI, NC, NJ, NY, OR, PA, RI, TX, VA, WA
Loans availabe for non-owner occupied properties only: AK, AL, AR, CO, GA, HI, ID, IN, KS, KY, ME, MS, MO, MT, NE, NM, OH, OK, SC, TN, UT, WY

Residential / Lot Land Loan
This program is designed for Borrowers in need of financing to purchase a residential lot. Residential lots must be eligible for present or future new construction. Construction financing is also available (see appropriate construction loan link above for more information).

Loan amounts from $35,000 to $750,000
Loan amounts of up to 75%* of the purchase price in improved subdivisions, otherwise up to 65% loan to value. Please call for a quote. (*Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
No minimum acreage requirement or maximum limitations
Deal directly with the Loan Officer/Underwriter
Full and Limited Documentation programs available
Fast pre-qualification, typically within 3 to 5 business days
Loans are available to Borrowers with excellent to less than perfect credit
Flexible underwriting
Residential zoned land (some exceptions for agriculturally zoned land)
Interest reserves are typically not required
Up to 5 year terms
Interest only payments may be available
Satisfactory evidence the lot can be built on

Loans available in the following states: AK, AL, AR, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MD, ME, MI, MO, MS, MT, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN,TX, UT, VA, WA, WV, WY

 
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