Office (702) 435-5067
Fax (801) 515-5067
Construction Loans
Private Funding of Nevada
is a leading mortgage broker specialist and hard money
lender and located in
Las Vegas , Nevada
A construction loan is used for any project that involves building a structure on real estate that requires permits and or blue prints prior to building. These loans can include single family houses, commercial buildings, apartments, major structural changes in a building or home, subdivisions, developments, office buildings, stores, condos, and any other commercial properties.
A construction loan is based on the finished value of the structure
being built and the value of the land after improvements. We loan up
to 65% of the finished value of the project based on a recent
appraisal. The following items are required for a private
construction loan:
- Copy of blue prints of the structure
- Cost break down of construction from licensed contractor
- Copy of building permit
- Appraisal showing finished value after construction
- Application and file on the borrower
- Preliminary title report on land
We are able to assist you in obtaining any of the above
mentioned items. After we receive the necessary items we are
able to quickly fund the loan for you.
One of the greatest benefits of a private construction loan is
the ability for us to include payment reserves in the loan for
you during the time of construction. As long as it falls within
the 65% loan to value of the finished value we can increase the
loan amount to cover the closing costs and a payment reserve to
cover the payments for you. This means that there would be no
payments due during the time of construction.
At the time the loan is funded any liens on the unimproved
property would be paid in full. There is a construction hold
back for the contractor to use in draws as the building is being
constructed. The contractor requests a draw for the first 30
days of construction. After the first months work is completed
we review the progress on site and the contractor then requests
another draw for the next 30 days of work. This would continue
until construction is complete.
Construction loans are based on the equity in the project and
are not credit driven. Most clients are impressed with how easy
it is to build on real estate. Improved real estate is usually
much more valuable then unimproved land. Let us help you capture
more equity now!
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