Mid-construction refinance

Refinance the build. Keep it moving.

If your construction lender is winding down, your loan is maturing, or the build needs more time, we pay off the current loan and fund the budget that’s left. Leverage is measured on the whole project: land, costs already paid and the remaining budget.

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 it's for

Builds that need a new lender.

Your lender is winding down

Programs close and appetites change. We pay off the current lender and take over the draws.

Your loan is maturing

Our terms run 12–24 months, so the new loan gives the build room to finish.

You need more time or budget

Costs moved or the schedule slipped. We size the loan on the budget you have now.

How leverage works

Sized on the whole project.

Land, plus costs already paid, plus the remaining budget. Up to 90% of that total, with the after-repair value as a second limit.

Fictional scenario

Example: a build halfway done

A builder with 3 completed builds is partway through a spec home. The current construction loan is maturing.

Land price: $200,000
Costs already paid: $150,000
Remaining budget: $300,000
Owed to current lender: $250,000
After-repair value: $900,000

What the loan looks like

Initial advance at closing72% of land plus costs already paid: $252,000
Pays off the current lender: $250,000
Construction budget, released by draw100% of the remaining budget: $300,000
Total loan: $552,000
Share of total project cost: 85%
Share of after-repair value: 61%

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

What we need

Five documents to start.

Send them with your application and we can size the loan right away.

Payoff letter
From your current lender, with a good-through date.
Draw history
Every draw funded so far.
Lien waivers
For the work that's been paid.
Current budget
What's left to build, line by line.
Site photos
Recent, showing where the build stands.

How fast we close

From payoff letter to new draws.

Term sheet
In about 2 hours on average, from a complete file.
Approval
Most loans are fully approved in 5–7 business days.
Closing
5–10 business days. We pay off your lender at closing.
Draws resume
Typically funded within 1 business day of each inspection.

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

Construction refinance questions, answered.

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

Can you refinance a construction loan in the middle of a build?

Yes. We pay off your current construction lender at closing and fund the remaining budget by draw, so the build keeps moving.

How do you size a mid-construction refinance?

On the whole project: the land, plus the costs already paid, plus the budget left to build. Most builders can borrow up to 85% of that total, and builders with 20 or more completed builds up to 90%. The after-repair value is a second limit, and the lower of the two sets the loan.

My construction loan is maturing. Is that a problem?

No. Maturing loans are what this program is for. Send the payoff letter and the draw history and we'll size the refinance from there.

My lender stopped funding draws. Can you help?

Yes. Lenders wind down programs or change their appetite in the middle of builds. We pay them off and take over the remaining draws.

What do you need to get started?

The payoff letter from your current lender, the draw history, lien waivers for the work paid so far, the current budget for what's left, and recent photos of the site.

How fast can you close?

Term sheets go out in about 2 hours on average, and closings take 5–10 business days. A complete file at the start is what keeps it at the short end.

Can you fund more budget than my current lender approved?

We fund the current remaining budget, as long as the whole project fits within our leverage limits. If costs have gone up, send the updated budget and we'll size the loan on it.

Do I need more time to finish? Can the term cover it?

Our construction terms run 12–24 months, interest-only on funds drawn, so the new loan can give the build the time it needs.

Will the draws work the same way?

Yes. Each remaining stage is inspected and paid by draw, typically within 1 business day of the inspection.

What credit score do I need?

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

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.

Refinance the build. Keep it moving.

Do I qualify?

Builds that need a new lender.

Your lender is winding down

Your loan is maturing

You need more time or budget

Sized on the whole project.

Example: a build halfway done

Five documents to start.

From payoff letter to new draws.

Term sheet

Approval

Closing

Draws resume

A ground-up build we funded.

Ground-up construction loan, Charlotte, NC

Construction refinance questions, answered.

Send us the deal.

Refinance the build. Keep it moving.

Do I qualify?

Builds that need a new lender.

Your lender is winding down

Your loan is maturing

You need more time or budget

Sized on the whole project.

Example: a build halfway done

Five documents to start.

From payoff letter to new draws.

Term sheet

Approval

Closing

Draws resume

A ground-up build we funded.

Ground-up construction loan, Charlotte, NC

Construction refinance questions, answered.

Send us the deal.