samwillsonbiz
188 Posts |
 Posted - 07/01/2008 : 3:04:59 PM
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Residential and Commercial Construction California
Here are the guidelines & rates:
20% hard cash into project
65% to 70% maximum LTV based on “As Proposed” FMV.
D/I for owner occupied deals no more than 45%.
5% of commitment amount in liquidity. This can not include retirement accounts.
12-18 months of reserves. Allow 50% of retirement accounts.
Clean credit with good FICO scores
Typically rate floor is 7.25%, a 2% fee, with a $500 doc fee, $850 appraisal, $2,500 inspection fee plus all title and escrow.
This is a straight construction loan and the borrower will need perm financing upon completion.
Sam Willson
Vice President of Sales
PH: 408-252-LOAN (5626)
FAX: 800-788-1943
sam@renoak.com
http://www.renoak.com
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