Construction Loans in NV, CA and CO

I am Dan the Loan Man!... a knowledgeable Loan Officer with 20-years under my belt. 

I’m also a General Contractor, and although I’m not taking on any new construction projects, you still get my overall experience as part of my loan service and I will work with your builder to keep things moving forward.

I believe myself to be most qualified Construction Loan Officer in The West.

Dan construction team
Dan and his dogs

I offer a true “one-time-close” loan program designed to finance the construction or major remodel of a primary residence. 720 middle score is required.

Total Acquisition Cost (TAC) is defined as the cost of construction plus the purchase price of the lot. i.e. Lot price is $500,000. Cost of Construction is $800,000 = TAC of $1.3mil

Conforming Construction Loans-
Nevada and California – Maximum conforming loan amount of of $548,250 in most counties and $822,375 in some high cost counties. 10% down.

Jumbo Construction Loans-
Nevada – 1.5mil with 20% down making $1,850,000 the maximum TAC. You can always put more down to increase the TAC but the loan amount must be 1.5mil or less.

California – 1.5mil with 20% down, 2.5mil with 30% down. i.e. a 3.6mil TAC with 30% down puts the loan amount at right about 2.5mil.

80% LTV (20% down) is based on lot purchase price plus cost of construction. i.e. Lot price is $500,000 plus $1,000,000 cost to build = $1,500,000 total acquisition cost. You need 20% of that, so $300,000 down payment is required.

Reserves – 6 to 28 months of the new payment amount need to be in your accounts at close of escrow. Retirement and stock accounts are acceptable sources. Amount of Reserves needed is based on the loan amount.

This loan includes financing for both the construction and permanent loan in one closing. That means you save the expense of dual loan fees and the worry of having to re-qualify for a permanent loan after the home is complete.

Interest-rate is fixed and secure from beginning to end. Construction term varies. Interest Only payments during construction!

Soft costs such as Architect and Engineer can be financed.

“Cost-Plus” construction contracts are ONLY allowed IF there IS a maximum cost in the contract.

Tear-Downs and renovations are allowed. 

20-Acres maximum.

Detached Single Family Residences only. The house must be your primary residence.

During the construction period, Borrower(s) must pay all property taxes and insurance premiums.

Building a house from the ground up could be a pain if you don’t have a Loan Officer who is also a General Contractor.

Another option is to renovate an existing property and make it your own. The down payment is much less and its typically much quicker to renovate over building. Check out my Renovation page.

lifting wall
This was taken at a house I built for myself a few years ago
construction meeting

Message me below and say hi! 🙂 and if you have some time to kill, check out my film on Your Tube called Dan Builds a House, made many years before I got my contractors license.

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Dan Sherbondy
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
DSherbondy@AllWestern.com

Equal Housing Opportunity

Dan’s Licensing: NV MLD 45649, CA-DBO313289, CO-100516554  NMLS 313289
All Western Mortgage, 8345 W Sunset Rd Ste 380. Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)

Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, Arizona Lic# 0923280, Licensed by the CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate, Florida Lic# MLD895, NM Financial Institutions Division Lic# 03619, UT Division of Real Estate Lic# 7776975,
OR Dept of Consumer & Business Services Lic# ML-4924, TX Dept of Savings and Mortgage Lending – Consumer Notice, WA State Dept of Financial Institutions Lic# CL-14210.