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Premier Builders and Retailers

Every One-Time Close Construction loan requires the selection of a Builder / Retailer to complete the project. AFR has established unique arrangements with an exclusive set of “Premier” Builders / Retailers, which allows us to offer additional flexibilities within our construction loan program guidelines.

FEATURE HIGHLIGHTS

  • Expanded eligibility guidelines
  • Experience with AFR’s One-Time Close Construction-to-Permanent process
  • Established relationship with AFR’s Construction Services Team

ELIGIBILITY OVERVIEW

Below is an overview of the expanded eligibility guidelines for this Program Feature. You can view the complete eligibility details from the Guidelines page of any loan program that offers this feature by applying the “Premier Builder / Retailer” feature from the drop-down.

  • Building permits are not required prior to closing
  • There is no maximum disbursement amount at closing for land acquisition or payoff
  • For Site-Built projects, the initial draw is increased to include an advance of up to 10% of the cost to construct
  • The Admin fee is discounted for Site-Built projects (does not apply to Conventional OTC)
  • On “No Draw” Manufactured Home transactions in the FHA, VA, and USDA OTC programs, the construction Admin Fee is for up to an 8 month build time (does not apply to Conventional OTC)
  • Not subject to a 5% contingency of the total cost to construction
  • Not limited to a maximum of $5000.00 Earnest Money Deposit

TO BE CONSIDERED FOR THIS DESIGNATION

  • Must have appropriate licensing(s) (e.g., general contractors license(s)) and applicable insurance that meet AFR requirements
  • Must be in business at least 5 years with a proven track-record of completing at least 20 projects/year
  • Must have successfully completed at least 5 stick-built projects and/or delivered 12 manufactured or modular homes in the past 2 years — including multiple projects with AFR
  • Must have sufficient tangible net worth to allow for the successful completion of projects (e.g., less than .8 debt to tangible net worth ratio)
  • Must have acceptable Dun & Bradstreet and LexisNexis reports