Get Your New Construction Loan Rhode Island From An Experienced Hard Money Lender!
If you are an experienced builder who appreciates a quick close and fast construction advances, then you should choose ABL. ABL is a direct hard money lender who specializes in making new construction loans RI.
As a hard money lender, I understand time value of money. That is why ABL offers real estate investors a two day streamlined approval process. Once the loan is approved, I issue a commitment and can close in as little as 7 days. Post-closing, I can fund new construction loans RI in 48hrs, which keeps your project running on schedule.
A hard money lender has to be flexible, no two real estate investments are identical. My borrowers know that and come to me for the flexibility of ABL's hard money lending program. Banks and other traditional sources are check the box lenders, they simply can’t compete with our common sense underwriting approach.
I offer competitive rate and terms for experienced real estate investors. ABL's a trusted hard money lender that offers 18 month terms at no additional cost, and interest rates as low as 10% and 2 points. I charge 1 point at closing, and 1 point on repayment of the loan (payoff letter) which makes our hard money loan program ideal for brokers.
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What is a hard money new construction loan RI?
A hard money loan for new construction provides the builder with funding to purchase a property. There is also a hold back of funds to cover the cost of construction. Typically a private lender will want to advance 60% or less against the purchase or value of the lot. Normally for new construction, lenders will fund 100% of the cost of construction. I always size my hard money loans to cover 100% of the construction costs. This helps when underwriting the value of the completed house, and gives the security of knowing the funds will always be available to complete the project. The construction funds are “held back” and funded as work is complete using a standard construction loan draw process. My hard money loan program does not charge interest on the construction hold back. I only charge interest on the outstanding balance. As a private lender I understand that time is money so I make sure my hard money loan draw process is fast. The process requires a 3rd party inspector to visit the property and issue a report with pictures showing work complete. My hard money loan program also requires a title update on each draw to make sure there a no liens on the property. Normally, I expect this whole process to take only 48hrs.
How do I get a hard money loan for new construction?
It’s easy to get a hard money loan for new construction! Unlike conventional real estate lenders, a private lender requires a lot less paperwork. Once you get the lot under agreement, you call me and provide me with a detailed construction budget, plans, and specs of finishes. As a first time borrower I’ll need to get to know you and how experienced you are in building houses, so I’ll ask you to provide me with a short bio/resume and examples of homes that you’ve built. My hard money loan program uses a stated income approach, so I’ll also ask for you to fill out a personal financial statement and a real estate owned schedule. As a private lender, we don’t need tax returns or require a lot on the borrower’s financial condition. At this point I now have the ability to complete my underwriting for loan approval, and within 48 hours I’ll be able to issue you a full commitment. First, I run a credit and criminal background check after the loan is approved. Then I only need a minimum credit of 625 to close a new construction loan Rhode Island. Finally, I have my construction inspector meet you at the site prior to closing to go through our construction advance process, the plans, and to make sure the budget is adequate. As a true hard money lender, I don’t need an appraisal to close a hard money loan.
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Pre-qualifying does not require you to provide sensitive personal information. No credit pull needed until the new construction loan Rhode Island is approved/committed by your trusted hard money lender!