Developer Lending
Better Business Lenders, Inc. has several options for builders and developers of residential properties. Some are based on credit, some on builder history, some just on the property being built and sold to a homebuyer. Your loan officer will talk through your situtation and needs and offer the programs available.
General Terms
Spec/Model Homes
For experienced builders with a track record of at least 5 new builds or major rehabs in the last 36 months, a line to build spec or models in subdivisions or infill. Loan amounts from $125,000 to $1.5 MM. Up to 65% of the appraised value. Land may be included in loan. 1 to 4 family homes. Rates as low as 8.95% interest only. Flexible draw schedules.
Pre-Sold Residential
For builders who have contracts to sell homes once the property is built. Loan amounts from $100,000 to $2.5 MM. Up to 75% of the contract price. Land may be included in loan. 1 to 4 family homes. 12 Month Term. Rates as low as 4.99% interest only. Flexible draw schedules.
Land Development Loan
For developers to purchase and/or develop unimproved raw land for residential subdivisions. Loan amounts from $100,000 to $1MM. Up to 55% of the appraised value not to exceed 70% of the cost. Land must be owned or under contract. Up to 3 year terms. Rates as low as 9.95% interest only. Flexible draw schedules.
Builder Line of Credit
For those experienced builders who have completed as least five projects in the last 36 months and who have liquid capital of at least $200,000 and credit scores above 680, there is a line of credit available.
Ask your loan officer for more details.
Step 1: Complete a Loan Application
Please go to our "Apply Now" page and fill out a brief questionnaire. Be sure to complete all fields to the best of your knowledge. A loan officer may reach out via email so add the domain betterbusinesslenders.com to your email allowed!
Step 2: Accept Your Loan Offer
You will receive a LOI from your loan officer for signature to move forward. At this point, any processing fees, appraisal fees, etc. will be due and are non-refundable. Your loan officer will cover these in detail with you to make the process as smooth as possible.
Step 3: Submit Needed Documents
Submit all requested documents to Better Business Lenders, Inc. using the method appropriate for you. You can scan and email them, send us a link to a dropbox/box account, or fax to 888-348-5194. If you applied online, you will also be able to upload to your personal loan portal. Loan processing can begin after all documents are received.
Step 4: Phone Conference with Processing
In some cases, if the file is fully submitted during Step 3 you will receive a notice that the file is in processing without having to go through the conference call. If not, you'll get a call invite to cover your application and complete it for processing.
Step 5: Go to Closing!
Once the loan is clear to close you will be notified and closing scheduled. Then, we move on to your next great investment!