LOAN PROGRAM

 

We can usually underwrite and close a loan in 10 days or less as long as developer provides requested documentation when requested!

Borrower Criteria

While we do evaluate the individuals behind a development company, and we do require a personal guarantee; unlike a conventional mortgage bank, we can still approve most loans even if the strength of the guarantor is not perfect.

  • Minimum of 3 prior development projects completed successfully with HUD-1’s to support purchase and exit
  • Minimum Credit Score of 640+ (must provide letter of explanation for lower scores)
  • Loans are only made to development legal entity in good standing with the county and state of formation
  • Personal guaranty from borrower required
  • First liens only
  • Loan amounts up to 70% of the After Repaired Value (excluding points & fees)
  • 6 month term
  • 2 month optional extension (extension fees may apply)
  • 12% – 14% interest only payments with balloon at term end
  • 3, 4, or 5% origination fee, depending upon loan amount

Prior Developments

Credit Score

%

Up to 70% ARV

Fix & Flip Loans

    Apply for Funding

    Carstensz provides short term financing for residential real estate development needs from Richmond to Baltimore with a hyper-focus on the DMV Metro area.

    GET IN TOUCH

     Click below to learn more about our services and loan program. At Carstensz we want to be your capital partner. 

    Contact Us