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
Application Fee:
$1,500 (non-refundable)
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 $2,000 (based on loan size and complexity of transaction)
Interest Rates:
Competitive pricing based on spreads over prime floating or libor floating
Loan Terms:
6 months to 2 years
Maximum Financing:
Multi-Family
-
80% cost / 80% LTV
Commercial
-
80% cost / 75% 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
- 
Equal Housing Lender | Member FDIC | Spencer Savings Bank