Construction Financing - Motiva Financial

Builders and developers need a reliable source of Project financing – from the first draw to the last. For most Projects, the terms and conditions of the construction financing can “make or break” a Project’s profit margin.

We Arrange:

1st mortgage Construction Financing
2nd mortgage Construction Equity Loans
Bridge Loans to start your next project before the sale of your current project
Equity take-out Loans to pay back your equity during or after construction

The following property types are eligible for financing:

1st Mortgages and 2nd Mortgages

Detached Homes – duplex or semi-detached homes.
Multi-Family Development – Row/townhouses.
Condominium Development.
Commercial Development.

Terms:

Up to 75% Loan To Value
12 to 24 month Open Term
Interest Only And P & I Payments Available

Builders Documentation Needed:

Client Net Worth (Mortgage Application)
Credit Bureau
Income (NOAs)
2 to 3 year company financials
Corporation Documents

Project Information Needed:

Project Type (like detached house, duplex, townhouse, etc.)
Units per Block/Phase
Total project cost
Land Purchase Price
Construction budget cost/unit
Maximum number of units to be under construction at any time
Forecast number of units to be built in the next 12 months
Average sale price of the units
Average purchase price of fully serviced lots

Appraisal Requirements:

All appraisals must have been prepared within 90 days of the advance used to finance the Building Lot and/or the first advance to finance the construction, i.e., fresh appraisal with the Appraised Lot Value within 90 days prior to financing the Building Lot, then another fresh appraisal with the Appraised Completion Value within 90 days of the first draw to finance the construction. If construction starts within 90 days of the first appraisal, same can be used for Building Lot and construction if this appraisal includes both the Appraised Lot Valueand Appraised Completion Value. An appraisal is required for each unit or at least for sample unit if multiple units are the same.
Satisfactory Environment risk assessment