Loan Programs

ALFIE OVERVIEW


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.

Spec Home Construction

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"It seems that you must not need money to be able to borrow from a retail bank. Even with a strong track record and good credit scores, we were unable to move ahead because our loan didn’t fit into a standardized box that the bank was used to.  ALFIE worked with me to get my project done and then they assisted me to get refinanced in a timely manner."

- Steve Rotundo, Johnson City, TN