Financing a Miami new-construction purchase
Deposits are cash. Closing is years away. Here is how to plan for both before you sign.
A pre-construction purchase inverts the normal financing sequence. On a resale you get approved, then you buy. On pre-construction you commit years before a lender ever looks at your file — and the deposits you pay in between are cash out of pocket, not borrowed money.
That gap is where pre-construction buyers get into trouble, and it is entirely avoidable. The questions have answers today; most buyers simply are not told to ask them.
The deposit schedule is the real financing question
Miami developers typically collect deposits in stages — at contract, at groundbreaking, at topping-off — commonly totalling thirty to fifty percent of the purchase price before you ever reach a closing table. None of that is financed. Before you sign, you should know exactly what each installment is, what triggers it, how the funds are held, and what happens to them if delivery slips.
You cannot lock a rate three years out
Rate locks are measured in weeks, not years. Your loan is underwritten and priced as the building delivers, against whatever the market and your finances look like then. The right response is not to guess at rates — it is to pressure-test the purchase across a range of them, and to make sure the income and asset profile you are relying on will still document cleanly at delivery.
Programs that fit new-construction buyers
Jumbo. Most Miami new-development pricing exceeds conforming limits. Jumbo underwriting rewards documentation strategy, particularly for complex income.
Foreign national. No US credit history or Social Security number required. Larger down payment, home-country documentation, and a well-established path for Miami purchases.
Self-employed and bank statement. If a good CPA has optimised your returns, conventional underwriting will understate you. Bank-statement and asset-based programs read the business as it actually performs.
DSCR and investor. For a unit bought to rent, the property's income can carry the qualification instead of your tax returns.
Warrantability: the check almost nobody runs early
Whether a finished building is financeable on conventional terms depends on the project itself — investor concentration, association budget and reserves, insurance, litigation, and how much of the building operates as short-term rental or hotel. Buildings with heavy rental programs are frequently non-warrantable, which narrows the lender pool and changes your down payment. This is knowable well before contract.
Pre-Construction Financing Review
Before you place a deposit, Sam will map the deposit schedule against your liquidity, give an honest read on whether your profile underwrites at delivery, identify the likely programs, and flag any project-level financing risk. No cost, no credit pull, no obligation.
Common questions
Can I lock a mortgage rate on a pre-construction condo?
Generally no, not at contract. Rate locks run for weeks or a few months, and a pre-construction closing may be two to four years away. You lock as delivery approaches. That is precisely why the pre-construction decision should be stress-tested against a range of rates rather than today's number.
How much cash do I actually need before financing starts?
More than most buyers expect. Miami pre-construction deposits are typically paid in staged installments tied to contract, groundbreaking and topping-off, and commonly total thirty to fifty percent of the purchase price before closing. That portion is cash, not mortgage. The loan covers the balance at delivery.
Can a foreign national finance a Miami pre-construction purchase?
Yes. Foreign-national programs do not require US credit history or a Social Security number, and are widely used for Miami purchases. Expect a larger down payment than a domestic borrower, documentation from your home country, and pricing that reflects the program. Sam arranges these regularly.
Do I have to use the developer's preferred lender?
Almost never. Developers frequently have a preferred lender and sometimes attach an incentive to using them, which is worth evaluating on the numbers. But you are generally free to finance where you choose, and comparing the preferred lender against wholesale options is exactly the kind of check that pays for itself.
What is a Pre-Construction Financing Review?
A no-cost review before you commit a deposit: the deposit schedule mapped against your liquidity, an honest read on whether your income profile will underwrite at delivery, the likely programs available to you, and any warrantability issues with the building type. It is a conversation, not an application, and there is no credit pull.
Sam Razavi · NMLS #985351 · originating through C2 Financial Corporation, NMLS #135622. Optima Financing · CA DRE Corp License #02074306. Not a commitment to lend. Deposit structures, program availability and warrantability vary by project and lender and are subject to change. Equal Housing Opportunity.