In dynamic real estate markets, such as Seattle, Denver and Phoenix, securing the right type of construction loan can be critical for success in property development and renovation. Legacy Group Capital offers a variety of specialized loans, catering to diverse construction needs. Whether you’re building a new home, renovating an existing property, or investing in a real estate project, understanding the different types of construction loans available can significantly impact your project’s success.
Custom Construction for Homeowners
For those looking to build their dream home from the ground up, custom construction loans provide the necessary funds to turn your vision into reality. Legacy uses a common-sense approach to underwriting construction loans, with fast and flexible terms. In addition, we can provide financing for unique scenarios such as:
- Manufactured New Construction: This construction loan is ideal for individuals planning to build a manufactured home. It addresses the unique funding requirements for prefabricated homes, a growing trend in the northwest.
- Mid-Construction: Essential for projects that have broken ground but require additional financial to reach completion, these loans ensure that ongoing projects do not stall due to a lack of funds.
- Hybrid Construction: This loan simplifies building a new home before selling your existing property. Leverage the equity in your current home to help finance the construction of your new one. It acts as a bridge loan until your existing property sells, giving you breathing room to focus on your new build without the immediate pressure to sell.
- Owner Builder Construction: If you prefer a hands-on approach to building your home, this loan allows you to act as your own general contractor, providing a direct route to oversee and control construction costs and timelines.
- Jumbo Construction: Designed for substantial projects or homes in high-value neighborhoods, jumbo construction loans provide financing for large-scale building ventures by exceeding conventional lending limits. This allows qualified borrowers to secure significantly larger sums, making jumbo loans ideal for managing and funding ambitious construction projects.
Rehab Loans for Home Renovation
Remodeling your home? Rehab loans are specifically designed to fund renovations, allowing homeowners to improve and increase the value of their existing properties. Whether it’s updating an outdated kitchen or adding a new living space, these loans provide the financial backbone needed to enhance your home’s appeal and functionality. Additionally, homeowners can significantly boost their property’s resale value, making rehab loans a smart investment for those looking to maximize their home’s market potential.
Spec Construction for Builders
Spec construction loans are essential for builders and developers looking to seize real estate opportunities and complete projects that might otherwise be financially out of reach. These loans can cover a wide range of expenses, including land acquisition, construction costs, and sometimes even marketing expenses for the completed property. Specifically designed to meet the needs of speculative building, these loans ensure that builders have the necessary financial resources to complete their projects and successfully sell them on the market.
Fix and Flip
Fix and flip loans are a fantastic option for real estate investors looking to quickly renovate and sell properties. This type of construction loan is designed for short-term investment, providing fast access to funds for purchasing and improving under-valued properties before reselling them.
Don’t let financing stand in the way of your real estate goals. Whether you’re a builder with big dreams, a homeowner with a vision or a developer with a project in mind, we have the expertise and flexible loan options to make your project a success. Reach out to get started today.
