Construction and Land Loans
Move quickly with hard money construction loans and land loans in Arizona built for developers who need speed. Instead of waiting 60 to 90 days on traditional bank financing, secure fast, asset-based funding in as little as a couple of weeks. We focus on the value and potential of your project so you can break ground without delays. Get reliable Arizona construction financing from a trusted private lender.
What is a Construction and Land Loan?
A construction and land loan is a short-term loan that finances the price of the land and the construction costs to build on the property. Similar to other hard money loans in Phoenix, a portion of the funds are used for closing costs while the rest is held escrow. As for the construction funds, they are distributed in portions from completed and inspected phase-to-phase projects in the building process. This is done to make sure the project stays on track and within budget.
At Hard Money Lenders Arizona, we serve clients with land loans and new construction loans in Arizona. We pride ourselves on funding land purchasing and construction projects very quickly and at any stage of the project. Here is a list of the following funding we offer:
- Land Banking and/or Option Financing
- Raw Undeveloped Land
- Plotted And Engineered Lots
- Improved Lots
- Commercial Units
Benefits of a New Construction Loan
- A new construction loan is based on the lot as well as the construction costs
- There is no minimum credit score
- We fund up to 70 percent of the land value and 70 percent of the construction cost.
- Interest rates start from 10 percent
- Average close time of 10 days
- Loans can be approved in as little as 24 hours.
This process differs from applying for a traditional bank loan. In fact, it is a much simpler process. A bank or other lender typically requires a lot of paperwork, but a new construction loan doesn’t. The application is simple, straightforward and once you complete the application and are approved, the underwriter schedules an appraisal.
You can reach our friendly team of experts at (480) 999-6183 or fill out an application right now to see if you qualify for a new construction and land loan.