First-time builder loans

Your first build, on your GC's record.

Never built from the ground up? You can still finance a build with us. If an experienced general contractor signs on the loan, we price it on the GC’s completed builds. If you hold a GC license, your license is enough.

Get a term sheet Price your deal

Rather talk it through? Call +1 (305) 857-5620

Do I qualify?

Five quick answers. No credit check, nothing saved.

Terms are subject to underwriting, appraisal, title, and insurance.

Who qualifies

Two ways in for a first build.

An experienced GC signs on the loan

Your general contractor signs alongside you, and we price the loan on the GC's track record. A GC with a long list of finished builds gets you the terms that builder would get.

You hold a GC license

A first build is eligible on your own license. We verify it in underwriting, and no other contractor needs to sign.

Already built a few?

Then this page isn't for you. Experienced builders are priced on their own completed builds on the main new construction page.

What your GC sends

The GC checklist.

Send these with your application and underwriting can start on day one.

Contractor license
Active, in the state you're building in.
Proof of insurance
Current coverage for the build.
Completed builds
A list with the property addresses, so we can verify them.
Signed construction contract
Between you and the GC, for this project and budget.

What the GC signs

Your GC signs on the loan.

Putting their name on the loan is how your GC's experience becomes your pricing.

Who signs the loan: You and your GC
Priced on: The GC's completed builds
Checked in underwriting: License, insurance, builds

Worked example

A first build, start to finish.

This first-time builder brings $50,000 of their own. Their GC's record sets the leverage.

Fictional scenario

Example: a first build with an experienced GC

A first-time builder buys a lot. Their general contractor has 20 or more completed builds and signs on the loan, so the loan is priced on the GC's record.

Lot price: $150,000
Construction budget: $350,000
Total project cost: $500,000
After-repair value: $700,000
Borrower's own builds: None
GC's completed builds: 20 or more

What the loan looks like

Initial advance against the land67% of the land price: $100,000
Construction budget, released by draw100% of the remaining budget: $350,000
Total loan: $450,000
Share of total project cost: 90%
Share of after-repair value: 64%

Sized by our pricing engine for this made-up deal, before closing costs. Your rate and final numbers come from your own term sheet.

Recent close

A ground-up build we funded.

A recent ground-up construction close
Ground-up construction loan, Charlotte, NC
Closed in
10 days
Financed
100% financing of the build costs plus soft costs

Questions

First-time builder questions, answered.

Something not covered here? Email info@fundedcapital.com or call +1 (305) 857-5620.

Can I get a construction loan with no building experience?

Yes. A first build qualifies in one of two ways: you hold a general contractor license yourself, or an experienced GC signs on the loan. When your GC signs, we price the loan on the GC's completed builds instead of yours.

What does it mean for my GC to sign on the loan?

Your general contractor signs on the loan with you. That's what lets us price your first build on the GC's track record instead of yours. Your loan officer goes through the loan documents with you and your GC before closing.

How experienced does my GC need to be?

The more ground-up builds your GC has completed, the better your terms. A GC with 20 or more completed builds gets the same leverage our most experienced builders get, up to 90% of total project cost. Use the checker on this page to see where your GC lands.

What if I have a GC license myself?

Then a first build is eligible on your license, and you don't need another contractor to sign. We verify the license in underwriting.

What does my GC need to send?

Their license, proof of insurance, a list of completed builds with property addresses, and the signed construction contract for your project.

Do I need permits before closing?

No. Permits are not required to close. Before they're approved, the initial advance is up to 60% of the land plus costs already paid, and up to 75% once they are.

How are draws paid?

As each stage of the build is finished and inspected. Draws are typically funded within 1 business day, and interest runs only on what's been drawn.

What credit score do I need?

680 or higher, the same as every new construction loan.

What kinds of homes can I build?

Residential builds of 1–4 units: single-family homes, townhomes, duplexes to fourplexes and ADUs.

Is a fix and flip a better first project?

Sometimes. If you'd rather start with a renovation, first-time flippers are welcome on our fix and flip loans, and a completed flip counts toward your track record with us.

Send us the deal.

The application takes about five minutes. A loan officer reads it and sends a written term sheet.

Get a term sheet

Do I qualify?

Five quick answers. No credit check, nothing saved.

Terms are subject to underwriting, appraisal, title, and insurance.

Your first build, on your GC's record.

Do I qualify?

Two ways in for a first build.

An experienced GC signs on the loan

You hold a GC license

Already built a few?

The GC checklist.

Your GC signs on the loan.

A first build, start to finish.

Example: a first build with an experienced GC

A ground-up build we funded.

Ground-up construction loan, Charlotte, NC

First-time builder questions, answered.

Send us the deal.

Your first build, on your GC's record.

Do I qualify?

Two ways in for a first build.

An experienced GC signs on the loan

You hold a GC license

Already built a few?

The GC checklist.

Your GC signs on the loan.

A first build, start to finish.

Example: a first build with an experienced GC

A ground-up build we funded.

Ground-up construction loan, Charlotte, NC

First-time builder questions, answered.

Send us the deal.