Loan Information

  • We loan up to 65% of the after rehabilitation or construction value of the property. 

  • Our standard loan is 13% interest with a 3 point origination fee that may be financed also.

  • A closing attorney approved by SL Lending with borrower paying for a lender title policy

  • We only make first mortgages and do not allow subordinated loans.

  • An appraisal by our appraiser is required. The $425 fee is due at application acceptance.

  • Our minimum loan size is $35,000.

  • Closing costs are the responsibility of the borrower and are payable at closing. 

  • Borrowers must fund 15% of the total project cost.

  • Borrower must insure the property for the total cost of the project naming SL Lending as mortgagee.

  • Borrower will provide the purchase contract of the subject property and a construction budget prepared by a licensed contractor.

  • Loan terms are 12 months, but can extend up to 35 months for additional fees.