Construction and Land Loans
For developers who spot a piece a land to construct a new property a hard money loan for construction and new land is faster than using a traditional lender. In fact, when you go the conventional route, you can expect to wait anywhere from sixty to ninety days for your funds. Do you have time to wait that long? We didn’t think so. That’s why we offer up funds in a little as a couple of weeks. That’s not long to wait at all compared to what the banks offer.
If you prefer to email us, fill out the form below and an associate will contact you to review the loan scenario and provide a quote.
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
Contact Hard Money Lenders Arizona anytime, to speak with one of our very helpful and highly knowledgeable loan specialists about your property investment funding in Arizona
If Michael can't get the deal done, it's not getting done!
The speed at which Michael’s team worked at allowed us to close the deal in less than 3 weeks.
Ready to make the next deal, let’s go!
I highly recommend everyone to work with Michael and his team and insist on working with Laura, Michael’s loan processor’ whom without her diligence, our loan probably would’ve been delayed.
Together they are an amazing team.
Michael's assistant Lara made sure everything got done right, and on time. She is great to work with, and responded quickly to any question I had. Together they make a great team and I look forward to working with them in the future.
My wife and I were recently visiting Scottsdale for her birthday and had decided to look at a few homes. Nothing immediate, just getting ideas for the future. Then on the last day we run into the perfect new construction home, only problem is we weren't prepared to buy. Most of our long-term funding was tied up in our home back in Oregon and to complicate things further, the seller had another cash offer on the table and a ridiculously fast 3 week closing requirement to secure the property.
So, we took a leap of faith and called Hard Money Lenders with Barrett Financial and got Michael on the phone. That quickly took us from an impossible deal to closing on our new home in record time. Michael clearly communicated all the terms and numbers up front. And being such a rapid deal with a large amount of escrow on the line, he personally checked in with us daily.
We have worked with a lot of great people in the real estate and mortgage industries for over 30 years and have to say that Michael is one of the top professionals we have ever met. A true expert in mortgage and bridge loans / private lending. Even better, it was clear to us every day that Michael truly cares about his clients. Best phone call we could have ever made.
Thank you, Michael and Lara, for helping us make this North Scottsdale dream a reality!
Saleh.
Steven
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.