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Spencer's Construction Loan Programs 
are competitively priced.

We have financing programs available for multi-family, office, retail, industrial and mixed use.
LENDER COST ESTIMATES
Stand-By: $1,500 
Appraisal: $2,500 to $5,500
Environmental: $1,500 to $3,500
Engineering: $2,500 to $3,500 (plan and cost review)
$500 to $850 (monthly inspection)
Commitment Fee: 1% of gross loan amount
Lender Legal: From $3,000 (based on loan size and complexity of transaction)
Interest Rates: Competitive pricing based on spreads over prime floating or libor floating with  a minimum Floor Rate to be determined
Loan Terms: 6 months to 2 years
Maximum Financing: Multi-Family - 75% cost / 75% LTV
Commercial - 70% cost / 70% LTV
Amortization: Interest Only
Prepayment: Varies depending on transaction, and may be waived if Spencer provides permanent loan
Personal Recourse: Required

 

 

 

 

Equal Housing Lender | Member FDIC | Spencer Savings Bank