Educational information only, not legal, tax or financial advice. Examples and calculations may contain errors; verify them with your own advisors. Advertised starting rates are annual interest, not APR; one point equals 1% of the loan amount. Other fees and costs may apply, and all financing is subject to underwriting.
When private construction debt fits
When a bank will not move fast enough, the project is outside its box, or you need to close on land and start quickly. Private construction loans cost more but can be the difference between starting this season and missing it.
The construction package
Prepare plans, a line-item budget, a schedule, permits or permit status, your general contractor's background and your own track record. Missing items are the main cause of delay.
How draws work
Funds are typically released in stages as work is completed and inspected. Build the draw schedule into your cash planning so subcontractors are paid on time.
Leverage and terms
Crosby Lending sizes loans up to 65% of value, with rates from 9% and origination from 1 point, all subject to underwriting. Send your package for an indicative answer.
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