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Based on each lender's published information; we did not apply for loans.
Hard money construction lenders compared
| Lender | Max loan-to-cost | Max loan-to-ARV | Starting rate | Term | Loan size |
|---|---|---|---|---|---|
| Builders Capital | Up to 95% | Up to 75% | Not stated | Up to 24 months | Not stated |
| Lima One Capital | Up to 90% | 75% | As low as 9.2% | 19 or 24 months | $100K to $5M |
| RCN Capital | Up to 90% (10+ projects); 85% (1 to 4) | Up to 75% (10+); 70% (1 to 4); 65% (none) | Starting at 9.84% | 18 months (its table says 12 to 24) | $100K to $2M |
| New Silver | Up to 90% | Up to 75% | 9.75% to 11.25% | 18 months | $100,000 to $5,000,000 |
| Easy Street Capital | Up to 90% | Up to 75% | Starting at 8.90% | 9 to 24 months with extensions | $75K to $5M+ |
| Ternus | Up to 90%, by experience | Up to 75% of as-completed value | From 9.5% | 12 months | Not stated |
| LendingOne | Up to 90% | Up to 70% | Not stated | 12 to 24 months | Up to $40M |
| Upright | Up to 90% | Not stated | From 8.750% (August 2026) | 6 to 24 months | $125,000 to $3,500,000 |
| CoreVest | Up to 90% | Not stated | Not stated | 12 to 24 months | $250k to $7.5M |
| Express Capital Financing | Up to 90% | Not stated | Starting at 9.99%+ | 12 to 36 months | $250,000 to $10,000,000 |
| Kiavi | Up to 85% | Up to 70% | As low as 9.00% | 12, 18 or 24 months | $150K to $10MM |
| Groundfloor | Not stated (15% down payment) | Not stated | Not stated | Not stated | Up to $2.5 Million |
From each lender's own website, read October 29, 2026. "Not stated" means the pages we read do not say. Terms change; confirm with the lender. Not financial advice.
How much you can borrow to build
Construction lenders cap the loan at a share of total cost (land plus construction) and at a share of the finished value, and lend the smaller. Example: a $100,000 lot and a $400,000 build ($500,000 total) with a $650,000 appraised value when complete.
| Lender | Published LTC / ARV caps | Loan, value $650,000 | Your cash | Loan, value $600,000 | Your cash |
|---|---|---|---|---|---|
| Builders Capital | 95% / 75% | $475,000 | $25,000 | $450,000 | $50,000 |
| Lima One Capital | 90% / 75% | $450,000 | $50,000 | $450,000 | $50,000 |
| New Silver | 90% / 75% | $450,000 | $50,000 | $450,000 | $50,000 |
| Easy Street Capital | 90% / 75% | $450,000 | $50,000 | $450,000 | $50,000 |
| Ternus | 90% / 75% | $450,000 | $50,000 | $450,000 | $50,000 |
| RCN Capital, 10+ projects | 90% / 75% | $450,000 | $50,000 | $450,000 | $50,000 |
| LendingOne | 90% / 70% | $450,000 | $50,000 | $420,000 | $80,000 |
| RCN Capital, 1 to 4 projects | 85% / 70% | $425,000 | $75,000 | $420,000 | $80,000 |
| Kiavi | 85% / 70% | $425,000 | $75,000 | $420,000 | $80,000 |
At a $650,000 value the cost cap sets every loan. If the appraisal comes in at $600,000, the value cap cuts Builders Capital to $450,000 and every lender capped at 70% of value (LendingOne, Kiavi and RCN's 1 to 4 project tier) to $420,000. These are published maximums: experience, credit and the land share all pull the number down. Lima One's FAQ says its most experienced builders get up to 85% of blended costs, including up to 100% of construction and up to 60% of lot costs, and Ternus lends up to 80% of land cost at closing, by experience.
Experience requirements
- Tiers by completed builds: RCN Capital sets leverage by ground-up projects completed (10+, 5+, 1 to 4, or none in the last 3 years); Upright has tiers for 4 to 5 and 6+ projects in the last 3 years.
- Some experience required: Lima One asks for experience with ground-up projects, as a general contractor, or with fix-and-flip projects. Ternus says prior new construction experience (yours or a partner's) may be required.
- First-time builders: Easy Street Capital offers a first-time builder product.
- Conflicting: Groundfloor's construction page lists "proven builder experience or contractor track record" but its FAQ says no prior construction experience is required.
Draws and interest
Construction money is released in draws as each stage is finished and inspected. Published draw speeds: Lima One in as little as 24 hours, Easy Street Capital 48 hours, and Upright under two days from the request. Builders Capital offers 24-hour online access to draw requests, and Express Capital Financing allows unlimited draws. Groundfloor releases funds after a third-party inspection, and CoreVest asks for invoices, permits and lien waivers with each draw package. LendingOne charges no interest on undrawn funds, and CoreVest's 12 to 24 month loans come with interest reserves.
Credit for construction loans
Some lenders ask more for construction than for flips: Easy Street Capital and Express Capital Financing ask 680 (600 on flips) and Upright generally 680, while RCN Capital, New Silver and Ternus ask 650 (RCN and New Silver also ask 650 on flips). Ternus reduces maximum leverage by 10% at 650 to 679 credit and 5% at 680 to 699. See credit minimums by lender.
Where lenders' own pages disagree
- RCN Capital: its introduction says an 18-month term; its criteria table says 12 to 24 months.
- Lima One: program highlights say up to 90% LTC; its FAQ says up to 85% of blended costs for the most experienced builders.
- Groundfloor: experience required on one part of the page, not required in its FAQ.
- New Silver: its ground-up page says 9.75% to 11.25%; its loans overview says 10.25% to 11.25%.
Related guides
Frequently asked questions
Can you get a hard money loan for new construction?
Yes. Lima One, RCN Capital, New Silver, Easy Street Capital, Ternus, LendingOne, Upright, CoreVest, Express Capital Financing, Kiavi, Builders Capital and Groundfloor all publish ground-up construction programs.
How much do hard money construction lenders lend?
Usually up to 85% to 90% of total cost (Builders Capital publishes up to 95%), capped at 70% to 75% of the finished value where a cap is published. Your experience and credit decide where you land.
What are hard money construction loan rates?
Published starting rates run from 8.750% (Upright, as of August 2026) and 8.90% (Easy Street Capital) to 9.99%+ (Express Capital Financing); New Silver publishes 9.75% to 11.25%.
Do I need experience for a hard money construction loan?
Often. RCN Capital and Upright tier leverage by completed builds, Lima One requires construction, contractor or flip experience, and Ternus may require new construction experience. Easy Street Capital offers a first-time builder product.