Private Money LendersSingle-family infill
Tear-down or new build on a residential lot. We close on the lot acquisition and the construction line as a single facility — no two-step refinance.
Ground-Up · Spec · Build-to-rent
Private money construction loans for builders who close on the first deal — and the next twenty.
Direct-lender financing for ground-up residential, small-balance commercial, and build-to-rent. Up to 90% loan-to-cost. 100% of construction. Weekly draws funded in 48 hours. No table-funding, no construction-progress audit before draw one.
Mid-build on a ground-up residential loan. Draws funded in 48 hours, no construction-progress audit before draw 1.
Photo · Anamul Rezwan / Pexels
Construction loan terms
Numbers, not fine print.
These are the actual ranges PML underwrites. Final terms depend on borrower experience, market, and exit strategy — but the four numbers below frame every conversation.
Loan amount
$250K–$10MSingle asset or portfolio
Loan-to-cost
Up to 90%100% of construction
Term
12–24 moWith one 6-month extension
Rate from
9.25%For experienced sponsors
Origination
1.5–3 ptsNo application fee
Draws
WeeklyFunded within 48 hours of inspection
Interest
ReserveBuilt into the loan, no out-of-pocket interest
Recourse
Full or partialNon-recourse on qualifying multi-family
What we fund
Three construction profiles, one loan product.
Spec & build-to-rent
Townhomes, fourplexes, and small-balance multi-family up to 50 units. Underwritten on completed value and DSCR exit, not just the construction budget.
Mid-construction takeout
Bank pulled out at 40% completion? We will refinance the existing senior, fund the remaining draws, and run weekly inspections through certificate of occupancy.
Who qualifies
Built for active sponsors. Open to first-time builders with a real GC.
- Borrower experience. Two or more completed projects in the last 36 months gets you to the best leverage. First-timers welcome with a licensed GC and a credible budget.
- Entity. LLC, LP, or corporation. We do not lend to natural-person owner-occupants.
- FICO. 660+ on a tri-merge. We pull soft until terms are accepted.
- Liquidity. Three months of debt service plus 10% of remaining construction in verified liquid reserves at close.
- Property type. Residential 1–4 units, small-balance multi-family up to 50 units, and select mixed-use with a residential majority.
- States. All 50 states, including non-judicial and judicial-foreclosure states. We handle title, insurance, and entity work in-house in 28 states.
Why investors switch
A bank construction loan vs. a PML construction loan.
A community-bank construction line is cheaper on paper. The cost shows up in the calendar.
| Community bank | PML | |
|---|---|---|
| Time to indicative terms | 2–3 weeks | 4 business hours |
| Time to close | 45–90 days | As fast as 48 hours; 14 days typical for ground-up |
| Maximum loan-to-cost | 65–75% | Up to 90% |
| Construction draw turnaround | 2–3 weeks | 48 hours after inspection |
| Underwriting | Committee, then a second committee | In-house, single-team file ownership |
| If your bank pulls back | You start over with a new lender | We refinance mid-construction |
Construction loan FAQ
Questions sponsors ask before signing terms.
Do you fund the lot acquisition and the construction line together?
Yes. We close acquisition and construction as a single facility, drawn against a combined budget. You are not refinancing the lot once permits are pulled — the lot funds at close and the construction draws against the same note.
How fast can a construction loan actually close?
For a clean file with title cleared and an experienced sponsor, we have funded in as little as 48 hours. Most ground-up construction deals close in 10 to 14 calendar days from a complete submission. The variable is title and entity work; underwriting is rarely the bottleneck.
Can a first-time builder get approved?
Yes, with a licensed general contractor on the deal and a credible construction budget. First-timers will see slightly tighter leverage (typically 80% LTC instead of 90%) and a 25–50 bp rate adjustment. After the first completed project we re-underwrite the relationship, not just the next deal.
What does “100% of construction” mean?
It means PML funds the full construction budget through weekly draws. Your equity sits in the lot acquisition and any over-budget items. Above 90% loan-to-cost we may require a higher origination or a personal guarantee, but the construction budget itself is fully funded.
How do draws work?
Submit a draw request with paid invoices and a percent-complete summary. We dispatch a third-party inspector within one business day. Once the inspector clears the line item, the wire goes out within 48 hours. There is no first-draw audit before construction begins — interest reserve funds your work until the first true draw.
Do you require an appraisal?
For ground-up construction we order a subject-to-completion appraisal that values the asset as-built. On smaller deals or strong sponsors with comp data, we accept a desktop appraisal supplemented by sponsor comps. The appraisal does not gate funding — it gates the upper bound on leverage.
What happens if the project goes long?
Every loan ships with a built-in 6-month extension at 0.5 points. If you exhaust that and still need time, we will rewrite the maturity rather than push you into default — assuming the project is solvent and the sponsor is communicating.
More on closing timelines, draw mechanics, and exit strategy on our full FAQ page.
Submit a construction deal. Get an underwriter on the phone today.
Four business hours from a complete submission to indicative terms — or your slot moves to the front of the queue.