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Ground-Up Financing
Construction Loans
Truly's New Construction Loan program is designed to support investors and builders undertaking the development of new residential projects from inception through completion.
Ground-up construction
Spec & custom builds
Up to 24 month terms
Interest-only payments
In-house Construction Management
Flexible draw schedules
Program Highlights
Loan AmountsUp To $5M
Loan Terms12-24 Months
Interest TypeFixed, Interest Only
Property TypesSFR, Condo, Townhomes, 2-4, 5-9
Program Details
New Construction Loan Overview
Comprehensive financing for ground-up construction and new development projects.
Loan Terms & Requirements
Loan TypeBusiness Purpose RTL (Non-Owner Occupied)
Eligible Collateral1-4 Units, SFR/PUD, Condo, NW Condo, Townhome, 5-8 Units (exceptions: > 2 acres; Mixed-use)
Lien Position1st position lien secured by a mortgage, deed of trust, or other security instrument
Loan Term12 months - 24 months
Loan PurposePurchase, Delayed Purchase, Rate/Term Refinance, Cash-Out Refinance
Ineligible StatesNV, ND, SD, VT (AK & HI considered on an exception basis)
Interest ChargedFixed rate, Interest Only
Reserve Requirement6 months of interest only payments
Liquidity Requirement10% of the rehab budget + cash to close + equity shortage
Cost BasisSeasoned Refinance: As-Is Appraised Value + Remaining Budget | Unseasoned Refinance: Lesser of (Purchase Price or As-Is Value of the lot) + Remaining Budget | Teardowns will utilize the lesser of the net purchase price of the existing property or As-Is value of the land
Prepayment PenaltyNot Applicable
Property Type Requirements
| 1-4 Unit Properties | 5-8 Unit Properties | |
|---|---|---|
| Minimum Loan Amount | $100K | $500K |
| Maximum Loan Amount | $5M | $2M (Tier 3 & 4 Ineligible) |
| Appraisal Requirement | Full Appraisal (URAR, 1025, 1073) CDA may be required | Commercial Narrative CDA may be required |
Ready to Get Started?
Connect with one of our construction loan specialists today and get financing for the next ground-up project.
Coverage
Where we lend
State-specific notes on investor programs and availability. Visit a state page for more detail.
Leadership
Guiding Our Vision
Experienced leaders driving excellence in real estate investment lending.
Sales Team
Dedicated Partners
Regional experts ready to help navigate the financing process with personalized service.