Borrow With ALFIE
Loan Programs
We focus on making Spec financing as simple and straightforward as possible.
Why ALFIE?
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We are not bankers, we are Real Estate people.
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ALFIE provides simple spec home financing.
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ALFIE’s common sense approach allows for fast closings and fast construction draws.
*ALFIE does not provide loans on owner occupied residential properties, second homes or properties occupied / rented to family members.
Use the ALFIE Cost Calculator
This worksheet assumes a 9-month construction period with 7 equal monthly draws and a 2 month hold period with the full loan amount drawn.
We are not bankers.
We’re Real Estate People
We provide simple spec home financing and a common sense approach that allows for fast closings and fast construction draws.
The ALFIE Process
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Complete the CONTACT US/APPLY NOW form shown above. Or call us at (828)776-8632 to connect with a loan originator.
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An ALFIE loan originator will answer your questions about your project and our loan programs.
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If ALFIE seems like the right fit for your project, we will email you a link to our simple application packet and a secure upload link to drag and drop the application to our secure server.
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ALFIE will then process your loan application, order the valuation report/appraisal and issue a loan commitment letter.
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Typical 2-3 week closing timeline (subject to borrowers attorney’s closing schedule).
Underwriting Guidelines
At ALFIE we primarily underwrite the collateral property/project. However, we also consider the following criteria:
- All ALFIE loans are interest-only based on funds drawn. The borrower should provide evidence of their ability to service the monthly debt.
- ALFIE requires an initial credit check for first time borrowers.
- First time borrowers are required to provide a personal financial statement.
- Borrowers should have sufficient experience in real estate development and/or investment.
- ALFIE only makes First Lien Position loans and does not allow second position loans behind ALFIE.
- Owner Occupied Residential properties will be NOT be considered for financing.
Spec Loan Terms
Streamlined Process
Up to 100% Financing (including soft costs)
12 Month Term
Builder/Borrower Owns Lot
2% Origination Fee (can be rolled in to loan at closing)
12% Interest rate charged only on Funds drawn
BPO required (no appraisal requirement)
Tax Returns not required
Credit check & Personal financial statement required for first time borrowers
Fast/simple draw processing (this means quick!)
Building Permits required to close
Max Loan Amount: 65% LTV (Loan to Value) based upon BPO value (Non-owner occupied properties only)