Participating builders are approved by our Loan Committee. A maximum line of credit is established based upon the builder's financial strength and experience in new home construction. The builder must submit the appropriate documentation and company history as part of the approval process.
The following is some important information about the Spec Loan Program:
Spec loan lines are approved for a 12 month period - renewable
Builders may submit individual loan requests once Spec line has been approved
Maximum $2,000,000.00 Spec line
Maximum of 4 spec loans open at any one time under the spec line
Minimum 700 credit score
Interest on the Spec Loan is Prime + 1%
Fees are a 1% origination fee plus a .50% administration fee
