Bank of America Construction Financing Loans
We provide stand alone construction financing or one-stop shopping for construction and permanent financing through a variety of term debt options.
Who it's for
Developers of single-family subdivisions or multifamily rentals affordable to those who earn 80% or less of the area median income.
Features
Amount. No predetermined minimum or maximum
Term. Generally 18-24 months
Loan-to-value. Maximum 80%, including value of tax credits
Pricing. Rates are based on the transaction/local market conditions and are very competitive
Fees. Loan fees are competitively priced; standard items include appraisal, construction cost analysis, inspections, and legal fees
Supports. First Deed of Trust and/or assignment of partnership interest
Other terms. Generally requires 15% equity up front
Credit is subject to approval. Normal credit standards apply. Programs, rates, terms and conditions are subject to change without notice.
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