Globix Ultra - Investor's No Income Rehab/Construction Loan Programs
Contact us at (516) 779-1967

Construction Loans

RESIDENTIAL CONSTRUCTION LOANS – 1 TO 4 FAMILY:

We can entertain ground up construction loans, we require that the borrower/builder own the land free and clear and have all of the entitlements in place.

Rate:  10%
Buying Power: We can provide up to 5 times of your verifiable liquid Asset up to $5M
Points: 3.5
Term: Up to 12 months, with extension options available.
LTV:  For experienced borrowers with credit of 720+, we will consider up to 90% LTC for acquisitions.

PREMIER CONSTRUCTION LOANS:   $1M Minimum

Rates: 30 day Libor +3.75 (4.17%)
LTV: Up to 90% of cost / 70% of ARV

For strong and well-seasoned developers and depends on leverage, size of the deal and strength of guarantor determined on case by case basis.

SMALL REHAB LOAN PROGRAMS:  100% of project

Loan Amount:$100,000 – $350,000, call for larger deals
Term:7 Months (extensions available)
Interest Rate:  9%
Points:   2.5%
Proceeds:  Up to 80% of purchase AND 100% of work
Recourse: Full or, under certain exceptions, Non-Recourse
Pre-Pay: A draw fee of 1% or $250 applies to any fundings made after closing. Minimum 5 months holding period.

COMMERCIALCONSTRUCTION LOAN

This program is designed to provide a business loan to construct a commercial property (Office Buildings, Retail Stores, Shopping Centers, Warehouse/Flex Space, 5+ Multi-Family units and most other income generating properties).

  • Fast pre-qualification, typically between 3 to 5 business days
  • Loans are available to Borrowers with excellent to less than perfect credit
  • Flexible draw schedules
  • Owner and Non-Owner Occupied commercial properties are eligible
  • Land purchase may be included in the construction loan, up to 55% of the lot purchase price
  • Up to 18 month terms available (longer terms available on an exception basis)
  • Loan amounts up to 75% of the appraised value based on the income approach. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
  • Interest only payments based on funds drawn
  • Loan amounts from $100,000 to $2,500,000

EQUITY LINE OF CREDIT FOR COMMERCIAL PROPERTIES

Equity Loans up to 65% CLTV for mixed used and commercial properties (combined loan to value of existing first mortgage and the equity loan or equity line of credit). Equity (second) loan rates starts as low as 4.75%.

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