LOAN PROGRAM
We can usually underwrite and close a loan in 10-12 days from receipt of ratified contract.
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 – 12 month term
- 2 month optional extension (extension fees may apply)
- 9.99% – 12.99% interest only payments with balloon at term end
- 2% – 4% origination fee, depending upon loan product and loan amount
Prior Developments
Credit Score
%
Up to 70% ARV
Available Loan Products
| Product Type | Experience | Credit Score | Down Payment | Loan Term | Loan Rate | Origination Points |
| 90% LTC Acquisition | 3 Deals in 3 Yrs | 640 | 10% | 12-24 Months | 11.99% | 2 - 4% |
| 85% LTC Acquisition | 3 Deals in 3 Yrs | 640 | 15% | 12-24 Months | 10.99% | 2 - 4% |
| Ground-Up 90% LTC | 3 Deals in 3 Yrs | 640 | 10% | 12-24 Months | 11.99% | 2 - 4% |
| Ground-Up 85% LTC | 3 Deals in 3 Yrs | 640 | 15% | 12-24 Months | 10.99% | 2 - 4% |
* The rates shown are “starting at” rates and are subject to change in whole or in part based upon additional due diligence, underwriting, credit analysis, and current market conditions.
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.