Yes, BLB does offer construction loans! They have products specifically designed for ground-up construction, which finances the construction of new single-family or 1-4 unit investment properties. Here are some key details about their construction loan offerings:
- Loan Purpose: New construction of rental or resale residential investment properties.
- Loan Terms: Up to 75% Loan-to-Cost (LTC) and 60% Loan-to-After Repair Value (LTARV).
- Draw-based reimbursement model: Interest is charged only on disbursed funds.
- Eligibility: Available to first-time ground-up borrowers with experienced builders. A strong credit score (generally 660+ FICO) is preferred, and experience in construction is also advantageous.
If you’re looking to get started in this area, I encourage you to reach out to the lenders listed in the knowledge base or consider contacting BLB support for further guidance. Taking action, even if it’s just gathering information, is a great step forward. You’ve got this!