Partially Complete Construction
Helping clients cross the finish line
Completing Partially Constructed Projects
If a borrower runs short on funds to complete a 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 needs to provide adequate proof that all invoices have been paid or will be paid through the loan closing. The borrower also needs 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 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 any work has occurred on the property. As 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 provides funding to finish either partially completed remodeling or new construction projects. If you have a project and need additional funds to finish, give AIC a call to see how we can help.