Construction Loan Lending Parameters
The strength/experience of the principal/sponsor is a key component for this private money construction loan program. Typically we will lend up to 75% of the cost of the project and we focus on shovel/ready construction projects. See our other Hard Money Loan Programs.
| Interest Rates: | As Low as 9.00% |
| LTV: | Up to 75% of Cost |
| Lien Position: | 1st Trust Deeds Only |
| Loan Fee: | Starting at 2 pts |
| Commitment Fees: | CBC |
| Loan Amount: | $500,000 and Up |
| Loan Term: | 6-24 Months |
| Documentation: | Stated Income |
| Underwriting Times: | 48 Hours |
| Closing Times: | 30 Days+/- |
| Geography: | CA Only |
General Guidelines
Brokers Accepted for All Loans < $2M.
For Loans > $2M, FK must deal directly with client. Fees collected for referring broker by agreement.
Will consider outside of California for loans > $5M.
Strong verifiable income is a compensating factor.
Submission Requirements
Executive Summary
1003 Application or Financial Statement
Credit Report or Verbal of FICO Score
Resume of Borrower
Status of the Escrow (if applicable)
Description of Current Improvements
Description of Future Improvements
3D Renderings (if available)
PDF Copy of Plans (if available)
Rough Budget