Redmond New Spec Construction
New construction loans for speculation homes in Bend and Redmond have been a great source of business for AIC and our clients. Private-money construction loans can be tailored to fit our clients’ needs. In this example, AIC’s client acquired this lot and legally divided it. Then AIC financed the construction of two spec homes. As with all AIC loans, we did not require an appraisal and were able to close quickly. AIC held back all funds necessary to complete construction of the new spec home and released funds as work was completed. All AIC required from the Borrower was a copy of his plans, budget, comparative market analysis (CMA) showing the estimated list price, CCB information and title report. AIC can typically lend up to 65% loan-to-value ratio (LTV) on all new-construction loans, based on the estimated list price that is supported by a CMA.