Basic Loan Terms:

  • Loans limits from $100,000 - $10M
  • Term can be from 9 months to 36 months with possible renewal
  • 3 month minimum interest period
  • Current interest rate less than 1M = 11% and more than 1M = 10% on funds drawn
  • Minimum borrower cash contribution 20-25% down
  • Alfie funds 100% of build cost for Spec home loans

Max Lending Limits:

  • Up to 65% LTV/ARV or 75% cost whichever is less for improved properties (Non Owner Occupied properties only)
  • Up to 50% LTV/LTC on Land Acquisition/Development (Alfie & AND Loans are limited)
  • Up to 50% Equity Cash Out Loans on Improved Investment Real Estate

Spec Home Loans:

  • 100% Construction financing 
  • Borrower to own lot free and clear 
  • 9 or 18 month term with 3 month minimum interest 
  • Super fast underwriting and approval process 
  • Simple quick construction draw inspection and funding

We want our
borrowers to succeed!

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 weeks from receipt of application. At ALFIE, we are real estate, not bankers.

*ALFIE does not provide loans on owner occupied residential properties, second homes or properties occupied / rented to family members.

Our Process

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.
  • Generally, we can close on a loan within two weeks of receiving full a application (subject to borrowers attorney's closing schedule of course).

Underwriting Guidelines:

At ALFIE we primarily underwrite the collateral property/project. However, we also consider the following criteria when underwriting a loan:

  • All ALFIE loans are interest-only based on funds drawn. The borrower should provide evidence of their ability to service the monthly debt.
  •  However, ALFIE does require an initial credit check.
  • The borrower is also required to provide a personal financial statement and their most recent tax return.
  • All ALFIE loans are short-term and therefore we want to understand your exit strategy (e.g. sale of property or refinancing of ALFIE loan).
  • Borrowers should have experience in real estate, either in construction, rehab, remodel, development, or general contracting. OR they must hire someone who is experienced to execute the construction project during the term of the loan.
  • 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 a loan.

Please visit our FAQ page for more information.