USAFG
Builder Finance originates loans for lot development suitable
for homes that it finances for construction. Land acquisition
and development loan principal amounts usually do not exceed 75%
of the appraised value of the finished lot. USAFG Builder
Finance limits the number of lots to no more than 18-24 months'
projected starts and, therefore, the term of the development
loan is limited to such period. No multi-phase projects, large
planned unit developments or raw land are financed. Projects
must be fully entitled and have an acceptable Phase I
Environmental Report.
30
day LIBOR based equivalent of Prime plus 1.0% to 3.0%
1.0%
to 3.0% Origination Fee
USAFG
Builder Finance will not make raw land loans on which no
development is planned
USAFG
Builder Finance will finance the development of what it
projects to be no more than an 18-24 month supply of lots
USAFG
Builder Finance will only finance development of land that
has entitlements necessary to begin and complete development
and on which development is expected to begin immediately
upon closing
Engineering
Review and Inspection Fees at Borrower’s expense
