Salem Subdivision Construction Loans
AIC’s client developed a 15-lot subdivision in 2018 and began building new spec homes in small groups. AIC financed blocks of homes in groups of three to six at a time. AIC allocated a portion of the loan proceeds on each loan to pay off and release the individual lot while also providing all funds for the vertical construction. These homes range in size from 1,341 square feet to 1,714 square feet of living area and are perfect starter homes for first time home buyers in the Salem, Oregon area.
AIC works with clients all over Oregon to build out spec homes in subdivisions. AIC looks at each house individually and will carefully craft a solution for our client to build several homes at once.
With all construction loans, AIC will require a line item budget to complete the home, a CMA to show the finished value, and a copy of the plans. All construction funds are held in a reserve account to be released as work is completed and draws are submitted to AIC.