Construction Loans for Commercial and Single Family (323)622-8443
Synergy Financial Partners offers construction loans for single family homes. The private money construction loans we offer derive from the equity in the property rather than the credit profile of the borrower. Banks look at a prospective borrower’s credit, income and assets to qualify for a construction loan. As a private money lender we have greater flexibility pertaining to the types of loans and borrower circumstances. This offers construction borrowers more options to find their best lending solution.
Construction Loan Program Details
- Experts in Commercial development loans
- Bridge & Construction to Permanent Loan Specialist
- Up to 90% the cost of new 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
Overview of the borrowers income and general credit
Private money financiers look at estimated “as is” value and the after improvement value. This helps 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.
Construction Loans - How it Works
Construction Loan Process
You discuss your goals, expectations and circumstances with your loan officer. We begin the process of helping you find the most cost effective financing option.
Your loan officer will get basic information from you to accurately assess which loan options you qualify for.
Together we determine which documents you will need to provide us to submit your file to the next step.
At Synergy we use in-house loan processing to optimize the process.
We will coordinate with all the parties involved in order to ensure the appraisal is completed to meet projected close times.
Conditional approval means your initial application is accepted and its time to work out the details of the loan with your loan officer. We work together to prepare for the best possible outcome.
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.