CONSTRUCTION AND LAND LOANS

When developers find a plot of land to build on, obtaining a hard-money loan for building and new land is a quicker option than going through a standard lender. Actually, you should anticipate waiting anywhere from sixty to ninety days to receive your earnings if you choose the traditional approach. Is that much waiting time enough for you? We didn't believe that. We can provide funds in as little as a few weeks because of this. When compared to what the banks give, that is a very short wait.

TEXANS MORTGAGE GROUP

CONSTRUCTION AND LAND LOAN

A construction and land loan is a type of short-term loan used to pay for both the purchase price of the land and the building materials needed to develop it. Like other hard-money loans in Texas , this one also has an escrow, with the remaining amount being used for closing costs. The construction funds are allocated based on the percentage of finished and inspected projects that are completed from one phase of the building process to the next. This is to ensure that the project remains within budget and on schedule.

We offer land loans and new building loans in Texas to our clients at Texans Mortgage Group. We take great satisfaction in our ability to swiftly and at any point throughout the project finance land acquisition and construction projects. The following is a summary of the funds that we provide:

  • Land Banking and/or Option Financing

  • Raw Undeveloped Land

  • Plotted And Engineered Lots

  • Improved Lots

  • Commercial Units

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

    You are a foreign national

  • Loans can be approved in as little as 24 hours.

The types of construction projects Texans Mortgage will lend on include:

  • Ground-up residential

  • Spec home construction

  • In-fill development

  • Build to Suit

  • Multi-Unit Developments

The only information Texans Mortgage needs in order to give you a quote on your construction deal is:

  • Loan amount requested

  • Project Plans

  • Project Budget

Current Home Construction Loan Rates

  • Rates: Starting at 9.9%

  • Term: 12 months

  • APR: 10.9%

  • Loan Amount: $200,000

  • Mortgage Point: 2 points

HOW TO GET A NEW CONSTRUCTION AND/OR LAND LOAN

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 and straightforward, and once you complete the application and are approved, the underwriter schedules an appraisal.

You can reach our friendly team of experts at (281) 747-6699 or fill out an application right now to see if you qualify for a new construction and land loan.

Address: 4230 Fox Meadow Ln., Pasadena, TX 77504

COMPANY NMLS: 2716207

RUDY ZARATE | NMLS #262973 | Texans Mortgage Goals LLC. | NMLS # 2716207

This is not a commitment to lend. All loans are subject to credit approval.

www.nmlsconsumeraccess.org

All Rights Reserved.

tmg@rudyzarate.com

Our Pasadena, TX Office:

(281) 747-6699

Operating Hours:

Mon 08:30 am – 05:30 pm

Tue 08:00 am – 05:00 pm

Wed 08:00 am – 05:00pm

Thu 08:00 am – 05:00 pm

Fri 07:30 am – 04:30 pm

Weekends Closed