Basic Loan Terms:
- Loans limits from $100,000 - $8M
- Term 12 months to 24 months with renewal options
- 3 month minimum interest period
- Current interest rates 11.25-12% on funds drawn
- Minimum borrower cash contribution 20-30% down
- ALFIE funds up to 100% of construction cost for Speculative home loans. Borrower must own lot free and clear.
- Quick construction draw processing
- Underwriting in less than 2 weeks
- Typical closing in 3 to 4 weeks or less
Max Lending Limits:
- Improved properties: up to 65% LTV (Loan to Value) or 70-80% LTC (Loan to Cost) whichever is less (Non Owner Occupied properties)
- Unimproved properties: Up to 50% LTV/LTC on Land and Acquisition/Development.
We focus on building community and working diligently with borrowers to help their projects reach completion. When our borrowers succeed, our neighborhoods and towns succeed. We SUCCEED together.
The advantages of borrowing with alfie
ALFIE provides simple construction and bridge loans to builders, developers and real estate entrepreneurs.
ALFIE’s common sense approach allows for fast closings. Typical loans can close in two to three weeks from receipt of application. At ALFIE, we are real estate professionals, not bankers.
*ALFIE does not provide loans on owner occupied residential properties, second homes or properties occupied / rented to family members.
The ALFIE Lending Process
- Complete the CONTACT US/APPLY NOW form shown above. Or call us at (828)776-8632 to connect with a loan originator.
- An ALFIE loan originator will answer your questions about your project and our loan programs.
- 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.
- ALFIE will then process your loan application, order the valuation report/appraisal and issue a loan commitment letter.
- Typical 2-3 week closing timeline (subject to borrowers attorney's closing schedule).
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.
Please visit our FAQ page for more information.