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Eastwood Custom Homes - Traverse City

Spec Home Construction Financing

 

In these difficult economic times, we find ourselves with quite a financial dilemma.  We are selling homes; however, banks are not lending money for Spec Home Construction.
 
In order to meet the demands of the market for housing, we are turning to private financing by individuals who are seeking a secured investment, with a return at an amount greater than they are experiencing in the traditional investment world.
 
Our Spec Home Construction Financing Program is set up as follows;
 
A)     The Borrower is Eastwood Custom Homes, Inc.
B)    The Borrower will order, pay for and provide an appraisal for each home.
C)    The Borrower will order, pay for and provide a Title Insurance Policy insuring the Lenders First Mortgage position for each home.
D)    The Borrower will provide the Title Company and Lender with Waivers and Sworn Statements for each Draw.
E)     All Draws will be based on 80% of the work competed.
F)     The Borrower will prepay the Lender 24 months of interest on Spec Homes at the first Construction Loan Draw and monthly thereafter as necessary.
G)    Prepaid Interest will be prorated to the date of loan payoff.
H)    Term will be 24 months for spec homes.
I)       The Lender holds the first (and only) secured mortgage position on the land and home.
J)       Our current interest rate offering is 6%.
K)    The Lender will advance to Borrower 80% of the lesser of the Listing Price or Appraised Value.
L)      The Lender is paid in full at the closing of the sale.
 
 
 
 
 
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