What we can do on Georgia Construction Loans

Currently and Continuously Making Construction Loans in 2009

One Close Construction/Permanent Loans:

Loan amounts of $75,000 - $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 non-owner occupied homes)
Land purchase may be included in the loan up to 75% of the lot purchase price
12 month construction term (up to 18 months on an exception basis)
15 to 30 year terms, fixed rate, ARM's and interest only programs available for permanent financing (extended rate locks available)
Borrower may act as own General Contractor (no site supervisor required)
Flexible draw schedules
Interest only payments with flexible payment options during the construction term
Loan programs available to Borrower's with less than perfect credit (currently 660 credit minimum)
Self build options available

Two time close Construction Only Loans:

Loan amounts $50,000 - $600,000
Loan amounts up to 70% of appraised value on single family owner occupied homes. (Up to 60% of appraised value on non-owner occupied homes.)
Land payoffs not allowed.
Six month construction term with possible 3 month extension with rate add on
Borrower may be general contractor
Credit scores from 660 with rate discounts for better credit scores
Flexible draw schedules

Multifamily (2-8 units) Construction Loans:

Flexible draw schedules
Self Build Borrowers are allowed, as are General Contractors
Owner and non-owner occupied properties are eligible
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
12 month term (18 month term may be approved on an exception basis)
Loan Amounts up to 80% of the appraised value
Flexible Payment Options (no payments or monthly payments)
Interest only payments based on funds drawn
Full income documentation
Loan amounts of $75,000 to $2,000,000

Renovation Loans:

Flexible draw schedules
Borrower may act as their own General Contractor
Rates starting at 7.95% during construction
12 month construction term with permanent financing available
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)
Interest Only payments based on funds drawn
Flexible Payment Options (no payments or with monthly payments)
Full income documentation.
Loans amounts from $50,000 to $2,000,000

Home Completion Loans:

Loan amounts $50,000 - $600,000
Six month construction term with possible 3 month extension with rate add on
Borrower may be general contractor (Exceptions for non-owner occupied properties)
Credit scores from 660 with rate discounts for better credit scores
Flexible draw schedules
LTV’s and subordinations on a case by case basis
Fees from 3.5 points

Builder Sold Loans:

Flexible draw schedules
1 to 4 family properties are eligible
Loans available to Builders with less than 4 years of building experience
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
Loan amounts up to 75%* of the contract price *on conforming loan amounts, otherwise up to 70% of contract price
12 month term (18 month term available on an exception basis)
Interest only payments based on funds drawn
Flexible Payment Options (no payments or monthly payments)
Full income documentation, self-employed, limited income and stated income programs may be available.
Loan amounts from $75,000 to $2,000,000

Builder Model/Spec Loans:

Loans are available to Builders with excellent to less than perfect credit
Flexible draw schedules
1 to 4 family properties are eligible
Land purchase may be included in the construction loan, up to 65% of the lot purchase price
Loan amounts up to 50% of the appraised value
12 month term (18 month term available on an exception basis)
Interest only payments based on funds drawn
Flexible Payment Options (no payments or with monthly)
Full income documentation, self-employed, limited income and stated income programs
Loan amounts from $75,000 to $2,000,000.

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