Ideal for build-ready infill, tear down, and spec homes in urban locales.
Not for tract home projects or new subdivisions (10+ homes).
Mid-Construction financing options available.
Loans available for single family and multi-family properties.
12 or 18 month (case-by-case) loans terms.
Foreign Nationals eligible.
LOAN PURPOSE: Ground-up construction loans for developers and investors building 1-5 properties at a time. Lot financing can be included, if lots are in build-ready condition.
LOAN AMOUNT: $50K - $5MM.
TERM: 12 months (standard), with optional extensions.
BORROWER TYPE: Entity required.
MINIMUM EXPERIENCE: Minimum (2) builds and (1) rehab experience required.
MAXIMUM LOAN-TO-VALUE (LTV): Up to 70% LTV.
MAXIMUM LOAN-TO-COST (LTC): Up to 75% LTC.
WHEN DO WE USE LTV VS LTC?: Generally, we use the lesser of LTV or LTC calculation.
REHAB/CONSTRUCTION FINANCING: Funding up to 100% construction budget up to % Approved LTV of Total Cost.
FOREIGN NATIONALS: Not allowed from ineligible country list.
PROPERTY TYPES: Non-Owner Occupied, Attached or Detached SFR, 2-4 unit properties, Townhomes, Condos.
Why Choose a New Construction Loan with Fairmount?
Option to include land acquisition financing.
Grow with Fairmount: As you fund more property loans with us and gain experience, your terms may improve.
Multiple draws available at borrower’s discretion.
