Construction Financing

Optimus Capital Inc SFR New Construction Financing Program.

Optimus Capital Inc offers an excellent new construction financing program for funding builder’s projects with private money. The New Construction Financing Program is available nationwide, except in a few states.

The Optimus Capital Inc Construction Financing Program is designed for home builders or real estate investors who are building ground up single family homes 1 to 4 units. This program requires minimal paperwork and offers a quick closing. This Optimus Capital Program is designed to build one single family home 1 – 4 units on one lot. (One APN)

If a borrower is building more than one single family home 1 – 4 unit; additional new construction SFRs will need to be on additional APNs / lots. We allow the new construction of one single family home which can be a one unit single family home, duplex, triplex, or 4plex to be built on one lot which has one APN.

An appraisal is required to be ordered. The closing can happen usually within days of the appraisal report being received by our underwriting team. 

Some of the most important factors that we are looking at are the following:

• New construction or ground up experience (where past title was held by the borrower on previous projects)
• Meeting minimum credit score requirements
• Clear background report
• Solid project with acceptable margins

The Optimus Capital New Construction Program can be used for land acquisition, tear down, or new construction. 

If used for land acquisition, plans for the single family home 1-4 unit that is going to be constructed is needed upon submission. 

This program is used for acquisition of a lot with plans to build new construction only. Ground up construction must immediately follow the acquisition of the land.

See below the benefits and criteria for this new construction financing from Optimus Capital Inc.

Optimus Capital SFR Nationwide New Construction Financing Program

• Use: New construction or tear down (if permitted)
• Up to 50% land acquisition cost (if not permitted)
• Up to 65% land acquisition cost (if permitted)
• Minimum loan: 75,000 (no maximum)
• 18 month term
• Rates starting at 8.99%
• Maximum LTC 75% (Exceptions can be made to 80% for very experienced applicants)
• Maximum completed value LTV 65% in judicial /
• 70% in non-judicial foreclosure states
• Title must be held in entity
• 1-4 Family Homes, Condominiums, Townhouses (must be infill)
• Minimum Borrower Fico score: 650
• Interest only no prepayment penalty
• Borrower must have new construction or significant flip experience (where title was held by borrower)
• No development loans – First position lien = one lot + one SFR new build

Recourse in the form of a personal guarantee is required for all borrowers.

Fees are as follows:

Appraisal – $550 – $750 (dependent on market and appraisal availability)

Attorney Docs – $995

Processing – $495

Servicing – $55

Points: low

Documents Needed:

For unpermittied: Rendering / sketch, architect zoning analysis, opinion letter

For permitted: Full architectural plans and issued permits.