Synergy Financial Partners offers construction loans for single family homes, apartments and commercial developments. The private money construction loans we offer derive from the equity in the property rather than the credit profile of the borrower. Banks always look at a prospective borrower’s credit, income and assets to qualify potential borrows for a construction loan. However, with private money lenders greater flexibility exists pertaining to the types of loans and borrower circumstances. This offers construction borrowers more options to find the best suited lending solution.
• Experts in Commercial development loans
• Bridge & Construction to Permanent Loan Specialist
• 75% loan to cost of construction
• Loan amounts from 500,000 to 25,000,000
• 2nd loans up to 65% LTV for Rehab or construction
• Land loans up to 60% LTV
Estimated “as is” value and the after improvement value. Private money financiers like to ensure the borrower has enough income or liquid assets to complete the project. Ideally the borrower should be able to get through any unexpected obstacles to complete the project. An interest reserve account usually gets put into place to handle payments.
The start of the process. You discuss your goals, expectations and circumstances with your loan officer. Then we begin the process of helping you find the most cost effective financing option for you.
Your loan officer will get basic information from you to accurately assess which loan options you qualify for.
A letter of intent term sheet is submitted to continue the process.
Together we determine which documents you will need to provide us to submit your file to the next step.
We will coordinate with all the parties involved in order to ensure the appraisal is completed to meet projected close times.
The underwriter reviews and verifies all documents pertaining to your loan and prepares your loan for closing.
After final approval, you are ready to close. The final terms will be drafted up and you will sign all forms with a notary present.