Builder Spec Construction Lending, General Contractors Custom Home Builders, Atlanta, Florida, N & S Carolina, 1st USA Mortgage Corp, Rodney Sagers

BUILDER SPEC LOAN PROGRAM

Expand your business and your clientele

What is a "Builder Spec Construction Program?

This is for Contractors, builders and developers who are building a home without a guaranteed sale upon completion are said to be building on "Spec", which is short for "Speculation". These individuals and companies are speculating that they will earn a profit when they sell the newly constructed home. This program is specifically designed for these types of projects.

Q. What do I as a Builder need to know about the Builder Spec Construction Loan?

Here's some important information about the Spec Construction Loans:
·	24/7 online draw request
·	Financing up to 90% of total project cost
·	Loans up to 80% LTV
·	Loans up to $1.5M, No loan committee approval on loans less than $1M
·	Up to 4 loans to the same Builder within the same subdivision, market or neighborhood
·	Lot draws up to 60% of land value
·	Land equity and pre-paid costs can be used as down payment
·	No DTI ratio calculated
·	Corporations, Partnerships and LLCs okay with personal guarantees by principal(s)

Q. What does it take for a Contractor, Builder, Developer to qualify for a Spec Loan?

This is a list of requirements that your Builder will have to meet:
·	680 middle credit score
·	10% post-closing liquidity of the total loan amount
·	Minimum GPM (gross profit margin) of 15%
·	Full documentation only
·	Only approved Builders with 5+ years experience in the building/marketing of residential SFR's are acceptable as GC's.

Q. How do I start a Builder Spec Construction Loan?

Step One
Contact your Construction Specialist to originate the construction loan by taking the Builder's loan application (1003), personal credit report and brief description of the project. Pre-Qualification Process.

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Request of Information Form

I am always ready to discuss the particulars of your Home
Construction needs. Do you know of other's looking to build? My
business thrives off of the life blood of referrals. I build "Customers
for Life". Please call for more information and to get your
Construction under way . . . Complete your application and credit
analysis report.

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