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BORROWER / BUILDER CONSTRUCTION
This program is designed for Borrowers who are hiring a builder to construct a residential property *^.
Upon completion, Benchmark will assist you in obtaining a permanent loan.
- Loan amounts from $75,000 to $2,000,000
- Loan amounts up to 85% of the appraised value on single family owner-occupied homes
(up to 75% of appraised value on 2 to 4 family owner occupied and non-owner occupied homes) **^
- Land purchase may be included in the construction loan, up to 80% of the lot purchase price
- 12 month construction term (up to 18 months on an exception basis)
- Rates start at 7.95% during construction
- Fast pre-qualification, typically within 2 to 3 business days
- Flexible draw schedules
- Interest only payments with flexible payment options
- Loans are available to Borrowers with excellent to less than perfect credit
Rates and Fees:
- Rates: WSJ Prime plus 2.75% to Prime plus 3.75%. Currently rate floors are in effect,
please call for a quote.
- Application Fee $995 - due at application
- Loan and Broker Fee : 3.0% to 4.00% (based on overall qualifications)
- 1/2 point will be due upon approval and prior to commitment - will be applied toward closing costs (refundable if commitment is not issued)
Loans are available in New York and Connecticut
To start the pre-approval process,
call us at (914) 762-6214 or download the Loan Submission Form.
Documents required for a full application package:
- Loan Submission Form
- Fully Completed and Signed 1003 application and credit report (Benchmark will assist)
- Current month pay stubs (for W2 Employee)
- 2 Years Tax Returns Including all Schedules and W2's (if applicable)
- Asset Verification (2 Months statements for all accounts including checking, savings, 401k, IRA, stocks, other)
- Legible copy of a valid drivers license for Borrower(s)
- Signed and Accepted Purchase Contract for Land/Lot with proof of deposit or Closing Statement on Land/Lot Purchase
- Plans & Specs and Survey Map
- Signed and Accepted Broker Fee Agreement
- Fully executed Building Contract
- Completed (Builder Profile Form)
- Completed (Cost Breakdown Form)
Other:
Lender reserves the right to order the appraisal but will consider Broker provided appraisal.
*^ Other construction variations are available including renovation, self build, builder spec, builder in contract to sell, and commercial land development.
**^ 90% available to conforming loan limits (currently $417,000 for single family). End loan availability may influence approval process. An end loan commitment will be required to receive the last draw.
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