For developers who spot a piece a land to construct a new property a hard money loan for construction and new land is faster than using a traditional lender. In fact, when you go the conventional route, you can expect to wait anywhere from sixty to ninety days for your funds. Do you have time to wait that long? We didn’t think so. That’s why we offer up funds in a little as a couple of weeks. That’s not long to wait at all compared to what the banks offer.
What is a Construction and Land Loan?
A construction and land loan is a short-term loan that finances the price of the land and the construction costs to build on the property. Similar to other hard money loans in Florida, a portion of the funds are used for closing costs while the rest is held escrow. As for the construction funds, they are distributed in portions from completed and inspected phase-to-phase projects in the building process. This is done to make sure the project stays on track and within budget.
At Leader Mortgage Services, we serve clients with land loans and new construction loans in Florida. We pride ourselves on funding land purchasing and construction projects very quickly and at any stage of the project. Here is a list of the following funding we offer:
- Land Banking and/or Option Financing
- Raw Undeveloped Land
- Plotted And Engineered Lots
- Improved Lots
- Commercial Units
Benefits of a New Construction Loan
- A new construction loan is based on the lot as well as the construction costs
- There is no minimum credit score
- We fund up to 70 percent of the land value and 70 percent of the construction cost.
- Great Private Interest rates.
- Average close time of 10 days
- Loans can be approved in as little as 24 hours.
How To Get A New Construction and/or Land Loan
This process differs from applying for a traditional bank loan. In fact, it is a much simpler process. A bank or other lender typically requires a lot of paperwork, but a new construction loan doesn’t. The application is simple, straightforward, and once you complete the application and are approved, the underwriter schedules an appraisal.
You can reach our friendly team of experts at (954) 205-5444 or fill out an application right now to see if you qualify for a new construction and land loan.
