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Spec Money / Construction Loans Nationwide

Spec Money for Construction
& Land Development
What is Spec Money?

Spec Money is a term used for a Construction Loan to builders
or investors for the development of land with real estate.

Spec Money / Construction Loan Terms

  • $80,000 to $500,000 to 90% Financing - Off Completed Value (Subject to completion appraisal)
  • or Jumbo to $7,000,000 to 65 LTC/LTV
  • $10,000,000 to $15,000,000 to 60 LTV.
  • Nationwide - All 50 States - California, New York, NY, Texas, Florida, Washington, Vermont, Arizona, New Hampshire, Maine, Massachussetts, CT..
  • Imperfect Credit Ok for Construction and or Spec Money
  • Up to $165 per square foot for construction lending .
  • No Income Check Option on Construction and Land Development at 80LTV
  • Construction Loan / Spec Loan amount based estimated completion value (To 90%)
  • Additional Real Estate, Business property, or other Assets may be cross collatoralized on an asset based construction loan
  • Construction Loan Interest Rate: 4.95% - 8.75%
  • Non Conforming Rate 10.9 %
  • Spec Money / Construction Loans for Residential or Commercial Property
  • Bridge Financing available for property without construction permits.

  • For immediate information, on spec money or a standard construction loan ,
    call us today at 1-631-725-5000 or email Eastland.
    Let our experience work for you.





Additional Spec Money / Construction Mortgage Loan Information

Spec Money - Construction Loan
Real Estate Appraisals

Eastland Mortgage utilizes the estimated completion value of an appraisal to determine the loan amount that a borrower can apply for. It is generally up to 90% of the total cost. Up to $165 per square foot is the limit on construction financing unless an exception is warranted.

Spec Money - Construction Loan

If a larger loan amount is needed on a spec construction loan that is offered based upon collatoral, additional assets such as other real estate, business property or equipment may be collatoralized at the sole option of the homeowner or property owner. This is known as cross collatoralization or "Cross Collatorizing" a loan. It is an effective tool that will allow a lender to finance a larger loan amount, that may be used to obtain a larger loan amount and meet contruction loan loan to value guidelines.

Eastland Mortgage has been offering unique and prompt solutions for spec construction financing since 1992. All construction programs are not the same. Commercial construction, private hard money for commercial bridge financing, or subprime construction loans may have different terms based on property type, and use. Long Term thirty year mortgage options are available upon satisfactory completion of construction. .

Construction Money
NY to CA

Construction loans are available nationwide and in all states including California, New York, Washington, Florida, Alabama, Vermont, Georgia, Texas, Wyoming and Alabama. All states have access to both residential spec financing and or commercial construction loan.

NEW YORK - Construction, Spec and Bridge Loans

New York properties requiring bridge financing, condominium conversions, emergency financing, or construction financing incljuding and end loan may be approved rapidly. Contact a senior loan officer to determine the time needed to approve and fund your spec, residential or commercial loan in New York.



Luxury Estate & Construction or
Bridge Loans

Up to 20,000,000 fast bridge financing on luxury property to 70 LTV for prime property. Fast answers and immediate hard money closing and funding. Two appraisals not neccessary. Broker opinion of value letter considered with an older appraisal. For new construction, loan amounts of up to $750,000 are available. Spec financing of up to $15,000,000 is available to builders at a loan to value of up to 65%.

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