We can usually underwrite and close a loan in 10-12 days from receipt of ratified contract.
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
Up to 70% ARV
Available Loan Products
* 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.
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Carstensz provides short term financing for residential real estate development needs from Richmond to Baltimore with a hyper-focus on the DMV Metro area.