Loan Amounts: Up to $10,000,000
Loan to Cost: Up to 100%
Loan to Value: 65% is max, exceptions to 75%
FICO Score Min: 600
Term: 6 - 18 months
Lien Position: 1st
Fees: 3 to 4 points

Construction Loan Amount Range by State

Alaska - $300k - $6 million
California - $500k - $10 million
Colorado - $400k - $10 million
Hawaii - $300k - $10 million
Idaho - $400k - $6 million
Nevada - $300k - $10 million
Oregon - $250k - $10 million
Texas - $500k - $10 million
Utah - $500k - $10 million
Washington - $200k - $10 million

ALL TYPES OF BORROWERS

Individuals, Corporations, LLC's, Foreign Nationals
Spec Construction or Owner Builder
Non-FICO driven. Decisions based on the quality of the project

LINE OF CREDIT DURING CONSTRUCTION!

Interest charged only on funds disbursed
No Holdback Accounts
Save thousands in interest costs
No reserves required

REALISTIC CONSTRUCTION PERIODS and...

No prepayment penalties
Refinance, Occupy or Sell the property at your leisure

FLEXIBLE DISBURSAL SCHEDULES

Fast payments for completed line items

SIMPLE APPLICATION PROCESS

Complete our on-line Submission Form

Rate1st.com offers a wide variety of Single Close Construction Loan Programs, this is a one-time close loan designed to provide the borrower with financing to build, remodel or improve a primary residence or 2nd home. These programs offer a single closing, allowing the borrower to qualify for both the construction and permanent mortgage with one set of credit documents. A simple note modification upon Completion of Construction will transition the borrower into permanent financing with no additional re-qualification or lender fees.

Building or renovating your dream house may be labor intensive, but getting a loan isn’t thanks to Rate1st.com. You’ll find that we’ve made the process simple, clear, and affordable.

With our single-close loan, you apply once and close once. While you’re building or renovating, you draw money as needed for expenses. Known as the Construction Phase of your loan, you only pay interest on the money you draw.

Plus, because unexpected expenses have been known to develop during the building or renovating of a home, there’s an optional cash reserve contingency plan to ensure you have enough money to finish the work.

Then, when the job is complete, you begin the Permanent Phase of your loan and start making regular monthly payments on your principal and interest.

Benefits of a construction or renovation loan include: