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