Construction
As one of Excelsior’s most popular products, our construction loans are unsurpassed in their flexibility and careful servicing. Maximum loan-to-value is 65% of the completed value which helps to ensure a reasonable amount of cash-in, cross collateralization, and/or seller financing at close. Regardless of property type, Excelsior can likely structure a construction loan that meets the needs of your borrower.
Common construction scenarios include:
- Spec SFR, multi-family or commercial
- Custom or pre-sold SFR
- Remodel and rehab projects on residential or commercial
- Multi-family (1-4 units or 5+ units)
- Lot development
- Owner or non-owner occupied properties
To begin underwriting, all we need is the following information from you:
- Written narrative of the construction project including the payoff strategy (refi or sell etc)
- Signed 1003 loan application (residential loan application used for all Excelsior transactions)
- Credit report
- Builder resume or similar document
- Construction cost breakdown
- Architectural plans, completion specifications and permits
- Preliminary title report (if available)
- Subject-To Appraisal (if available)
- Income documentation (if applicable)
Once we have received the above items, your Excelsior Account Executive will be in constant communication with all parties to ensure a timely funding. It should be noted that the servicing of construction loans are done internally and post-closing draw requests made prior to the 1st of each month will be processed quickly, with checks paid directly to sub-contractors before the 10th of the same month. Draws are payable on bids, invoices and receipts which afford enough flexibility to meet our mutual goal of completing the project on time while satisfying the demands of sub-contractors.
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