Ground Up Construction
SimpleBuild is the perfect loan product tailored for home builders. Simplending Financial offers a dependable funding solution for your new construction projects spanning 1-8 units nationwide. We understand how important it is to move quickly during the home building process, which is why we’ve crafted a streamlined product to ensure prompt and seamless funding and draw processes.
Looking for Funding for a New Construction Project?
Simplending Financial is able to provide financing to cover all of your ground-up construction needs. This program offers an 18-month term and rates starting at 10.29% to make sure your project is well-funded from start to finish
LOAN CRITERIA
- Collateral:
Non-Owner Occupied Single-Family Properties;
Condos; Townhomes - Term:
12 to 24 Months. - Loan Amount:
$100k* – $2M
*Based on Max Loan Amount - LTV:
Initial Loan Amount:
Up to 75% of the As-Is Value - Maximum Loan Amount:
Up to 75% of the After-Repair Value
Up to 100% Total Loan-to-Cost - Minimum Property Value:
$150k**
**As-Completed Valu - Credit Score:
650 Minimum FICO
1-8 Units
Why Ground up Construction?
Minimal Documents
Simplending wants a minimal document of the income of a constructor. Therefore, you don’t need to provide huge documentation for reliability.
Loan Quality
The loan quality is based on the LTV of the property so that you can decide the loan amount with the better quality constructional project work.
Valuation of property
The best part of Simplending’s Ground up loan is that you can get up to 90% of the property value for your current construction.
Short tenure
You can enjoy a short tenure, meaning you don’t need to get stuck in a debt trap.
FAQs
- Making concept and design of construction
- Getting building permits
- Making the land suitable for construction
- Starting foundation and framing up
- Roughly doing electric wiring and plumbing
- Installing other essential components like roof
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