Borrower Construction Loan





BORROWER / BUILDER CONSTRUCTION

This program is designed for Borrowers who are hiring a builder to construct a residential property..

The Case Financial Advantage:

  • Loan amounts from $75,000 to $2,000,000
  • Loan amounts of up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Otherwise, up to 85% loan to value (up to 80% of appraised value on 2 to 4 family owner occupied and non-owner occupied homes)
  • Land purchase may be included in the construction loan, up to 75% of the lot purchase price
  • 12 month construction term (up to 18 months on an exception basis)
  • Rates start at 7.45% during construction Fast pre-qualification, typically within 3 to 5 business days
  • Deal directly with the Loan Officer/Underwriter
  • Flexible draw schedules
  • Interest only payments with flexible payment options
  • Loans are available to Borrowers with excellent to less than perfect credit

Rates and Fees:

  • Rates: WSJ Prime plus 2.50% to Prime plus 3.50%.  Currently rate floors are in effect, please call for a quote. 
  • Application Fee $295
  • Loan Fee: 1.50% to 2.00% (based on overall qualifications)
  • Broker Fee: 2.00%

1.         Loan Submission Form

2.        Fully Completed and Signed 1003 application

3.        Tri-merge Credit Report for Borrower(s)

4.        Current month pay stubs (for W2 Employee)

5.        2 Years Tax Returns Including all Schedules and W2’s (if applicable)

6.        Asset Verification (2 Months statements for all accounts including checking, savings, 401k, IRA, stocks, other)

7.        Legible copy of a valid drivers license for Borrower(s)

8.        Signed and Accepted Purchase Contract for Land/Lot with proof of deposit or Closing Statement on Land/Lot Purchase

9.        Plans & Specs and Survey Map

10.     Signed and Accepted Broker Fee Agreement

11.     Fully executed Building Contract

12.     Completed Builder Profile





Steven L. Katz

s.katz@casefs.com

203.494.7539