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Who Is It For?
National City's Spec Loan program is intended to assist experienced full-time residential builders in selling additional homes near the subject speculative home where borrowers will need financing. The Spec Loan Program can also be used to build a home with out a guaranteed sale upon completion. This allows the builder to build what they want without a lot of advice. It also gives the builder the ability to price the home according to market conditions during the construction period.
Loan terms and eligibility vary depending upon location, builder, personal and business credentials.
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