Use our Ground Up Construction loan product to fund your next spec home. Designed for experienced home builders building 2-200 homes per year, this loan allows you to use higher leverage than banks traditionally offer, while closing quickly.
Use our fast, dependable, proven capital at competitive rates to make your next project profitable. Our draw process is simple and straightforward to allow you to keep your project on track.
or call us at (866) 407-1599
Park Place Finance specializes in residential real estate and can fund various properties including:
Park Place Finance eliminates junk fees and has straight-forward pricing when it comes to fees associated with closing your loan.
To close a Ground Up Construction Loan at Park Place, there are a few basic items that you will need to submit to our team. Below is a general list of some of the requirements. Once you apply, you will receive a document portal for easy upload!
Close Fast (Typically 7-10 Business Days)
Competitive Rates (Rates from 11.99%)
Nationally Trusted (Over 1 Billion Funded!)
We’ve closed over 4,000 loans and have funded over $1 Billion since 2006. We know how to help make sure your next project is profitable with our combined 50+ years of lending experience among our executive team. Call us today to help make your next investment property a success!
Our clients choose Park Place for new construction projects for the ease and speed of closing, higher leverage, our 17+ years of experience and the simplicity of our draw process.
Construction loans can be used for ground up, new construction or to renovate a mid-construction project. They are for 1-4 family projects under $2.5 million and multifamily projects under $10 million.
No. We can only finance projects that are for builders. However, our Ground Up Construction Loan is designed for small to mid size builders who may be building a property for your primary residence. Your builder must own the lot or purchase the lot for us to finance on it.
We can finance up to 65% of the dirt costs, and 100% of the construction costs.
We can only finance the dirt / land costs when adding in construction into the loan. We must have plans and permits to finance the land, and we have to include the ground up construction costs into our loan.
Yes, in order for us to finance your land costs, you must have the permits and plans prior to closing. If you already own the land, we can finance the ground up construction costs once you have the plans and permits.
Yes! We can finance up to 5% of total project costs as soft costs reimbursements.
Generally we are very accommodating on extensions, so long as payments are on time, and the project is moving along.
Yes! We can still help, although we will require a contract with a licensed general contractor/ builder. Once you complete one or two of these, then we can help finance you without a GC.
Yes! Depending on the extent of your flipping experience, we may not even require a licensed GC to help.
Unfortunately we only finance new construction on urban and suburban infill lots at this time.
New Construction Draws are done on a reimbursement basis based on improvements to the project. The reimbursement is based on the costs you provide, so no receipts are needed. To request a draw, simply go onto the top right corner of our website homepage, and click draw request. From there, an inspector will go out to inspect the project, and you should receive your funds within 3-5 business days. You can speed the process up by scheduling a draw in advance of the day you need it, so the inspector goes out the day the work is being done. Our in-house draw team is also available to assist anytime you need help or have questions.
Yes, We love and protect our brokers! To get started, just apply on our website above or give us a call.
New Construction
Loan Amount: $2,263,500
LTC: 81%
ARV: 73%
