We offer construction financing for the following projects:

Single Family Residential Tracts
Loan Terms: 12 to 24 months
Loan Pricing: *Prime +1 to 1 1/4%; 1 to 2 pts.
LTV Ratio: Loans up to 75% of Appraised Value
Equity Requirement: 10 to 15% of Total Costs (including subordinated debt)

 

Condominium Projects
Loan Terms: 12 to 18 months
Loan Pricing: *Prime +1 to 1 1/4%; 1 to 2 pts.
LTV Ratio: Loans up to 75% of Appraised Value
Equity Requirement: 15% of Total Costs

 

Apartment Projects
Loan Terms: 12 to 18 months
Loan Pricing: *Prime +1 to 1 1/4%; 1 to 1 1/2 pts.
LTV Ratio: Loans up to 75% of Appraised Value
Equity Requirement: 15 to 20% of Total Costs

 

Commercial Industrial Projects
Loan Terms: 12 to 18 months
Loan Pricing: *Prime +1 to 1 1/2%; 1 to 1 1/2 pts.
LTV Ratio: Loans up to 70% of Appraised Value
Equity Requirement: 15 to 20% of Total Costs

 

*Lender's Prime Rate

APR: from 11.16% to 11.76% (estimate) - effective 3/31/01

Above calculations based on a loan amount of $500,000 for a 12 month term.

Call us for further details at (541) 548-6860.

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