Construction Loans CA

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Loan Types

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Spec Loan

"Spec" loans provide financing for builders, contractors and developers who are building a home without a guaranty that there will be a buyer for the home. They are "speculating" that they will make a profit by building the home and finding a buyer for it. In addition to offering loans from banks and financial institutions, we offer hard money loans. Features of our popular spec loans are:

* loan amounts up to $1,500,000
* financing up to 90% of total project cost
* lot draws up to 60% of original cost
* land equity and prepaid costs may be used as down payment
* borrower may be corporation, LLC, partnership or trust
* terms up to 18 months
* flexible draw schedule

Spec loans generally require 5 years of experience as a builder, contractor and developer as well as a marketing plan for the home. A personal guaranty is also required with a credit score of 680 or greater.

Call us today toll free to discuss your project. 1-800-438-2704.