Let's Build Together.
Elevate your construction dreams with Lendwire’s tailored solutions. Whether you’re embarking on a new project or developing existing properties, our construction and development loan options provide the foundation you need. Let us fuel your vision and bring your real estate aspirations to life.
Let's Build Together.
1st Mortgages
6-Month Fixed (<80% LTV)
INTEREST ONLY
1-Year Fixed (<80% LTV)
6-Month Fixed (>80% LTV)
1-Year Fixed (>80% LTV)
2nd Mortgages
6-Month Fixed (<80% LTV)
1-Year Fixed (<80% LTV)
6-Month Fixed (>80% LTV)
1-Year Fixed (>80% LTV)
3rd Mortgages
FOR MORE INFORMATION, PLEASE CONTACT LENDWIRE CLIENT SERVICES.
Rates and fees subject to change without prior notice. Prospective borrowers that currently have a property tax or mortgage payment arrears may be subject to a premium in either interest rate or lender fees. All deals may be subject to an administration and commitment fee. Terms and conditions apply.
You. Save. THOUSANDS.
LENDWIRE 3 point STRATEGY
1. Budget
Having a well-defined budget is paramount when securing construction based financing. It serves as the blueprint for managing costs, timelines, and resources throughout the project. A comprehensive budget minimizes financial risks, ensures efficient allocation of funds, and enchances the lender’s confidnce in viability.
2. Timelines
One of the most pivotal aspects of a construction loan is timelines. A clear project timeline outlines milestones for disbursement, aiding in consistent fund allocation as stages progress. Draws, or payments released at project phases, align financial support with completed work, maintaining project momentum.
3. Next Steps
Upon completing your construction financing term, the logical next step is refinancing based on the new project value. This allows you to unlock increased equity and secure a long-term mortgage. By paying off the initial loan you transition into a more sustainable financing arrangement.
1. Budget
Having a well-defined budget is paramount when securing construction based financing. It serves as the blueprint for managing costs, timelines, and resources throughout the project. A comprehensive budget minimizes financial risks, ensures efficient allocation of funds, and enchances the lender’s confidnce in viability.
2. Timelines
One of the most pivotal aspects of a construction loan is timelines. A clear project timeline outlines milestones for disbursement, aiding in consistent fund allocation as stages progress. Draws, or payments released at project phases, align financial support with completed work, maintaining project momentum.
3. Next Steps
Upon completing your construction financing term, the logical next step is refinancing based on the new project value. This allows you to unlock increased equity and secure a long-term mortgage. By paying off the initial loan you transition into a more sustainable financing arrangement.
We've been using Lendwire since it was still apart of another brokerage. The service received has been phoenomenal. From our new family home, through to our rental properties, we've received top notch service. Throughout the experience, our Lendwire Agent provided Financial Analysis and Planning that we didn't even expect to receive. We will also be apart of the Lendwire family.
When I initially started the application with Lendwire, I was over leveraged and struggling to balance my portfolio of properties. After a brief consultation and many months of being patient, I'm now at a place where I've expanded my portfolio and have retooled my investment strategies in Real Estate market. I would not hesitate to send my best recommendations.
When we bought our home we were initially using another brokerage. We were roped in with promises that typical franchise brokerages make and ended up putting an offer in without conditions. It wasn't until about 15 days before close that we found out we didn't even qualify and we were ghosted. In stepped the team at Lendwire who not only properly re-did our application, but also found a bank that did accept my self employed income with competitive rates. We did not want to go for a B lender, and we were able to close our deal on time with an A lender.
This recommendation does not need an introduction. We gave our documents and filled out the application. Within 24 hours we had a commitment in hand, not even a pre-approval as we were technically still under conditions for the purchase. 24 hours later we were broker complete and it felt eery just waiting until close. It was one of the fastest transactions I've ever had with a Mortgage Brokerage.
Questions? We've Got Answers.
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During the construction phase, you usually make interest-only payments on the funds that have been disbursed so far. Once construction is complete and the full loan amount has been disbursed, you’ll begin making regular mortgage payments on the total loan amount.
Qualifications can be a bit more stringent. Lenders usually require detailed construction plans, budgets, and timelines. You’ll also likely need a larger down payment and a solid credit history to prove you can manage the risks of a construction project.
Often, yes! Many lenders will allow you to use the land’s value as a credit towards your down payment. However, an appraisal will usually be required to determine the land’s current market value.
