New Construction Loans
What is a Construction Loan?
A construction and land loan is a short-term loan that finances the price of the land and the construction costs to build on the property. Similar to other hard money loans in Austin, a portion of the funds are used for closing costs while the rest is held escrow. As for the construction funds, they are distributed in portions from completed and inspected phase-to-phase projects in the building process. This is done to make sure the project stays on track and within budget.
At Just Hard Money Loans, we serve clients with land loans and new construction loans in Austin. We pride ourselves on funding land purchasing and construction projects very quickly and at any stage of the project. Here is a list of the following funding we offer:
Land Banking and/or Option Financing
Raw Undeveloped Land
Plotted And Engineered Lots
Need Cash For Your Next Project?
New Construction Loan Rates & Terms
• Plans – Complete Set of Plans
• Detailed Construction Budget
• Own Land or Under Contract to Purchase
• Licensed General Contractor – No Self Builds
• Located in Major Metro Area
• Up to 90% of LTV
• Payment Based on Total Draw
• Rate from 8.5%*
• Loan from 6 – 24 Months*
• Quick Payout of Submitted Draw
Benefits of Hard Money Loans
There are many scenarios that make this kind of loan attractive to clients who simply can’t or don’t want to go a traditional route. They include the following:
- You have bad credit
- There are unpaid liens or concerning you or your property
- You need a loan fast
- You don’t qualify for a traditional loan
- You have equity and need cash
- You need a loan that doesn’t require excess documentation like most banks
- You want to restructure your debt and/or avoid foreclosure
- You are a foreign national
- Your situation is so unique that it doesn’t fit with other lending options and guidelines.
We are an Austin-based company that can assist clients who need quick commercial hard money loans.
We have been in business for 15+ years and have built a solid reputation of experience, customer satisfaction and trust.
We are detail-oriented and proficient when it comes to helping our clients. Our success depends on your success so we work hard to get you the funding you need in the shortest amount of time possible. We guarantee that we can get you the money you need faster than what a bank or other traditional lender can offer. Their turn-around-time is typically two to three months or more, whereas we can get you your money in as little as 24 hours.
Talk To A Hard Money Specialist
What our borrowers say...
How To Get A New Construction and/or Land Loan
Despite the fact that market conditions call for more housing and builders can’t keep up, Austin construction loans through traditional lending sources like banks are in short supply. Although they’re actively courting home buyers and tempting with great terms, they’re not extending the same options to builders or investors. Alternative lending, hard money in particular, is helping fill the gap. Those interested in taking advantage of the inventory shortage would do well to connect with a hard money broker to explore all the options available.