PA New Construction Loans

Construction Loans In PA

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As an experienced investor, you know that new construction is an excellent way to take your business to the next level.

Whether you have an extensive background in construction design or you simply want to expand beyond fix-and-flip or renovation, you need an efficient way to get construction loans in PA.

Asset Based Lending offers new construction loans with competitive terms and a fast closing. If you have construction experience and a project in mind, ABL can help get you funded.

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Pennsylvania Hard Money Lending Areas
ABL is one of PA’s leading construction lenders for real estate investors

 

Why Use Asset Based Lending For New Construction Loans In PA

Experience  Credit Score Minimum Interest Rate Points Advance Rate On Purchase Advance Rate On Construction ARV Property Types Pre-Pay Penalty Extensions  Blanket Loans Loan Size Loan Terms
High 600 8%-9% 0-2 60% Land Value 100% 60% Single Family, Multi Family, Mixed Use No Available Yes $75K to $3M 12 Mo.

 

Closing Speed Closing Speed
A delay in securing funding could mean missing out on an incredible investment opportunity. We’ve closed loans in 48 hours, and average just 10 days.

 
Underwriting Flexibility Underwriting Flexibility
Flexible underwriting criteria allows investors in new construction to secure funding not available to them through other institutions.

 
Competitive Rates Competitive Rates
New construction investments for experienced contractors and borrowers are funded at interest rates of 8%-9% and 0-2 points. Loan amounts range from $75,000 to $3,000,000.

Using Hard Money for New Construction Loans

Financing new development takes the right balance of quick funds and flexible underwriting. Since most conventional lending isn’t designed for investment property construction projects, the processes and underwriting involved in these loans likely won’t meet the requirements of the experienced investor. Hard money loans for new construction are typically much for effective for the new construction investor. While a conventional loan focuses primarily on traditional credit and risk underwriting, hard money prioritizes the borrower’s real estate investing experience and the profitability of the project itself.

The hard money loan process for new construction is simply built differently; these loans are designed for investors with their needs in mind. The entire process is streamlined, from initial underwriting to loan processing/closing, and especially the draw management throughout the project. These short-term loans typically last about 12-18 months and range from $75,000 to $3 million or more.

Why Investors Choose ABL for Construction Loans in PA

If you are a successful investor or contractor, you need an experienced lender with the knowledge of your local market and the ability to analyze your application quickly and effectively. ABL’s personal service and efficiency makes our loan application process convenient and customized to suit almost any project. After a brief conversation with one of our loan officers, we’ll be able to quickly tell you if a project fits our guidelines, and how we would lend on it.

Instead of spending months in underwriting, our team acts quickly. Assuming that your plan and investing experience meet our guidelines, we can approve a loan in 1 day and close in 10 days or less. A few benefits of our new construction loan program include:

  • Interest rates as low as 8% to 9%
  • Zero-point loan program available
  • 100% construction financing
  • Preliminary approval within 24 hours
  • Professional draw management team
  • No prepayment penalty
  • Extensions available

When you compare the convenience and flexibility of hard money lending to the cookie-cutter processes of conventional loans, it is easy to see why Pennsylvania investors come to ABL.

Running a business in new construction requires financing that can meet your needs — right when you need it. When you contact Asset Based Lending, you will discover how our team of experts can help put your plan into action seamlessly. To prequalify, call us or visit our website today.

Close In 10 Days Or Less. Rates Start As Low As 8%.

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