Partially Completed Construction Loan
Months after starting construction, the contractor building this Salem home contacted AIC for a private-money loan. He was able to purchase this lot with cash and completely frame the home before running short of funds to finish. AIC was able to step in and assist the Borrower with a construction loan on a semi-completed spec home.
AIC is uniquely positioned to help Borrower clients who find themselves a little short on funds to complete their projects and who are seeking funds for completion. Most other lenders will not make loans on projects mid-way through construction. In those cases, AIC is here to help. AIC will need to be in first-lien position and the loan-to-value ratio will need to be within our standard range. In these cases we will also need to establish that all of the constructions bills have been paid or arrange for them to be paid when our loan closes. If you need assistance crossing your finish line, give AIC a call to see how we might be able to help.