SPEC CONSTRUCTION · 11 STATES
Financing options for builders who build ahead of a buyer in the 11 states where I am licensed. Duane looks for lenders that fit your project, where available.
Licensed in 11 states
Compare many lenders
No-pressure advice
WHAT IT IS
A spec home is built without a buyer under contract. Lenders look at the builder's experience, the project budget, the local market and the exit plan.
Terms vary widely, and not every lender offers this product. I review your project, shop for options and tell you plainly what the market offers.
Track record, completed projects and financials guide the lender's decision.
Plans, costs, timeline and contingency show the lender how the project will finish.
Funds are released in stages as work is inspected.
Sale of the home or a rental hold. Lenders want a clear plan, and DSCR options may fit a rental exit.
HOW IT WORKS
01
Tell me the location, plans, budget and your builder experience.
02
I check which lenders work with spec projects in your market.
03
Typical items include plans, a budget, a builder resume, entity documents and proof of funds.
04
Draws follow inspections. At completion, the loan is repaid by sale or refinance.
LOCAL KNOW-HOW
Program availability can vary by state and by lender. I check what is offered where your project is located.
Virginia
Central Virginia, Hampton Roads and Northern Virginia suburbs each have different land costs and absorption.
Tennessee
Lenders look closely at local demand around Nashville, Knoxville and Chattanooga.
Georgia
Infill and suburban projects in Georgia are reviewed on market data and builder track record.
FAQ
I work as a broker with a network of lenders, so options depend on which ones fit your project.
Experience, a detailed budget, plans, permits, liquidity and a clear exit plan.
No. Spec loans are for builders and investors, not for owner-occupants building their own home.
EXPLORE MORE
NEXT STEP
Share the details and I will see what lenders may fit. No obligation.
Duane Buziak, NMLS #1110647, Coast2Coast Mortgage, LLC, NMLS #376205. Licensed in VA, FL, TN, GA, NC, SC, MD, DC, WV, TX and KY. Equal Housing Lender. This information is educational and is not an indication of loan qualification, approval or a commitment to lend. Rates, programs and guidelines change and are subject to credit approval.
