Can I get a construction loan to build a spec home?
Yes — Silt's ground-up program finances spec homes, built to sell without a buyer under contract, alongside custom and pre-sold builds. Spec, infill and multi-lot projects on single-family and 2–4 unit homes all use the same terms: up to 90% of cost and 70% of as-complete value, loans from $200K to $10M, interest-only for 12–24 months, with draws funded in 48 hours. Because there is no contract to rely on, the as-complete valuation and the sales plan carry more weight. The underwriter wants comparable sales that support the finished price, a realistic timeline from permit to listing, and a builder with the license, insurance and track record to deliver. Luxury spec homes need an itemized scope that justifies their finishes; a larger budget alone does not establish value. If the plan is to keep the home as a rental instead of selling, the exit is a DSCR refinance.
RELATED QUESTIONS
- How does a construction loan draw schedule work?
- How much will a lender finance on a ground-up construction loan?
- Can I refinance a construction loan into a DSCR loan?
Last reviewed 19 October 2026 · Terms are illustrative, not a commitment to lend; every loan is subject to underwriting.