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 between 10-12% 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.
Speculative Construction
"We have found commercial banks to be very limited in their ability to finance our spec homes. ALFIE’s underwriting process is decisive and quick. Overall, they are far cheaper and easier than taking on equity partners, so I get to keep all the profit myself."
-Kevin Kerr, Asheville, NC
ALFIE does not provide loans on owner occupied residential properties, second homes or properties occupied / rented to family members.
