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Construction
Big and small contractors and developers are excited about the construction programs offered by Financial Resources National, Inc. We offer construction programs for both residential and commercial properties. The average close time can be as little as 2-3 weeks. Some programs have no pre-payment penalties, the ability to be your own general contractor, and a flexible disbursement and inspection schedule. Our programs break many of the traditional barriers in the construction loan market. We provide financing to individuals who want to build their own house and is designed for both stick built and modular developments.
Financial Resources National, Inc. offers conventional as well as alternative construction loans.
We specialize in alternative construction loans. Our alternative construction loans are great because:
- All credit scores are considered
- Stated, no ratio and full doc programs available
- No Pre-payment penalties
- All property types considered, including commercial
- Use the completed appraised value for calculations
- Interest only loans, interest reserves possible
- Exceptions can be made with compensating factors
- Flexible disbursement schedules
- Ability to be your own contractor
- Stick build and Modular are okay
- Owner occupied or Investment are okay
- 65-70 LTV, higher LTV’s with creative financing
- Fast decisions, with turn around times between 2-3 weeks possible
Alternative construction programs are great for making challenging deals possible. If your project is a residential or commercial development, we are also able to finance infrastructure costs. For more information about our conventional or alternative construction loans, please call and talk to a member of our construction department today to find out what we can do for you. Chances are we have a solution to meet your specific needs.
Frequently Asked Questions
What are your credit score requirements?We have no credit score requirements, we will look at all levels of credit, assuming there is equity in the project or cash to the table.
Yes, we will consider owner/builder.
We have the ability to finance developments; we can include all infrastructure costs. This can be done either in phases or all at once.
We have no maximum loan amount and will consider smaller loans
Yes, we provide curbside funding for all modular and manufactured home
We will consider any type of property. If the property is going to be refinanced and held by the borrower the loan is subject to the borrower qualifying for conventional take out financing.
Disbursements checks are written Monday, Wednesday and Friday. We prefer to write smaller checks more regularly to help with cash flow.
There are no pre-pay penalties, we write the majority of our loans for one year, they can be paid off at any time
Yes, if we are not basing the loan on equity to the project, we look for the client to have 10-15% cash to the table. We will also consider cross collateralizing with other properties
Assuming there is enough equity in the property, we can consolidate other debts.
We offer both full doc and stated income programs.
