Mountlake Terrace Construction Loans

Veristone loans up to $10MM, with exceptions for larger loans. The loan can be structured to finance up to 100% of construction costs (including soft costs). This will be based on 65% loan-to-finished-value ratio.

Also, Veristone will allow for subordinated lot transactions/seller financing, on a case by case basis.

Veristone will need:

• Verification of the licensed and bonded contractor overseeing the project.
• The construction permit or application.
• A full scope of work.
• A contractor cost breakdown budget sheet.

A Scope of Work is a detailed list itemizing all of the work to be performed. A Cost Breakdown Budget identifies the numbers/costs associated with completing the Scope of Work.

You are allowed as many draws as you would like during the process.

Go to www.veristonecapital.com and scroll over the Resource Center tab, choose the Draw Request option and select the Fix & Flip Draw. Complete the form. A third party inspection will be scheduled by Veristone to verify work performed. The process takes roughly 5 days with a Draw Fee of $150.00.

Once your Mountlake Terrace construction loan has closed, you are able to immediately draw up to the Down Payment amount (not to exceed 20%) to commence the construction project. Once all paperwork is completed, you have access to the Construction Holdback funds.

They are both calculated off of the Note Amount.

No, Veristone encourages early payment when possible.