Partially Complete Construction
Helping clients cross the finish line
Completing Partially Constructed Projects
If a Borrower runs short on funds to complete the construction project, AIC will consider funding the balance necessary for completion.
In all cases AIC must be in first-lien position at a maximum of 65% loan-to-value ratio. The Borrower will need to provide adequate proof that all invoices have been paid or will be paid through the loan closing. The Borrower will also need to provide a line-item breakdown to complete the project.
In most cases AIC has helped clients who knew they could acquire the property and/or build to a certain stage of construction by using their own funds, with the intention to then receive a loan from AIC to complete the project.
Funding semi-complete construction loans has become a niche of AIC’s business as nearly all banks and credit unions will not fund loans if there has been work already completed on the property. So long as the Borrower has retained all receipts and paid invoices, AIC can step in mid-way through the project and work with the Borrower to cross the finish line.
AIC can provide funding to finish either partially completed remodeling or new construction projects. AIC will be there through every step of the process for our Borrowers. If you have a project and need additional funds to finish, give AIC a call to see how we can help.