GENERAL GUIDELINES
Builder's Capital's project based lending is based on the equity of your current project not income. Some of our standard terms are as follows:
- First and second mortgages secured by your land and project
- Up to 75% loan to value based on market appraisal
- Service fees include: progress inspections, lender set-up, underwriting, progress draw processing and mortgage discharge
- Terms of the loans are written for 1 year, extendable if required
- No pre-payment penalties
- No requirement for 3 years of operating history for corporate borrowers
- BCI has readvancable mortgages that offer greater flexibility at lower costs
- We will consider the equity contributions from 'sweat equity' as tangible
- BCI will also use cross security from multiple properties for more funding possibilities
- Interest payments are taken off the draw amount, principle paid at sale or refinance
- Service fees are added to construction costs in calculating total loan amount
- No income verification or requirements (equity based lending)
- Usually no presales required
- No requirement for new home warranty
- Progress draw advances can usually be forwarded within 24 hours of site inspection or at the actual time of the inspection
