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Program 04

Ground-Up Construction in Boulder

Boulder ground up construction loans for lot buys and teardowns.

Built for spec home builders and developers. We fund the land and the vertical build up to 70% LTV and 85% of cost, with draws that keep pace with the job. Boulder's greenbelt and its charter-level limit on extending city water and sewer keep the buildable lot count fixed, so infill teardowns and the towns ringing the city carry most of the pipeline. Business-purpose only, and every structure is set in underwriting.

Ground-Up Construction in Boulder, CO from USA Mortgage
70%
max LTV
85%
of cost
Most states
funding
$5M
max loan

Typical figures, subject to underwriting and market conditions. Not a commitment to lend.

How it works

We finance both the land and the vertical construction, with a draw schedule built around your timeline. Experienced builders can access higher leverage on cost.

Who it's for
Spec home builders
Developers and operators
Lot purchase or teardown
Build-to-rent strategies
Typical terms
Loan amountUp to $5M
LeverageUp to 70% LTV / 85% LTC
Term12 to 24 months
DrawsPer build schedule
RateFrom 10.00%*
UseSpec or build-to-rent
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*Typical terms, subject to underwriting and market conditions.

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Local FAQ

Ground-Up Construction in Boulder, answered.

Why is buildable land so scarce for a ground-up build in Boulder?
Because Boulder's growth limits are charter-level, not cyclical. The 1959 Blue Line bars the city from extending water service above 5,750 feet of elevation, later extended to sewer, and the city has taxed itself for open space since 1967, now holding more than 46,640 acres in a greenbelt ring around town. The Boulder Valley Comprehensive Plan service area boundary further caps where the city will run water and sewer at all. A ground-up lot here is either an infill teardown inside those lines or a parcel in one of the surrounding towns; there is no undeveloped edge to build out into.

Sources: lincolninst.edu, bouldercolorado.gov

Does Boulder charge an affordable-housing fee on a single spec house?
Yes, and it applies at one unit, which is unusual. Under Boulder's inclusionary housing code, a development of four or fewer dwelling units, including a single detached house, owes 20% of the units permanently affordable, or the cash-in-lieu, dedicated land, or off-site equivalent; a project of five or more owes 25%. Denver's comparable rule does not reach a project until ten units, so a one-lot Boulder build carries an obligation a same-size Denver build does not. The current cash-in-lieu dollar rate is not published by the city; confirm it with Boulder Planning before you underwrite the deal.

Sources: bouldercolorado.gov

Can I run city water and sewer to a Boulder County lot I want to build on?
Only if it sits inside the city's service area and below the Blue Line. The 1959 Blue Line permanently bars the City of Boulder from extending water service above 5,750 feet of elevation, later extended to sewer by ordinance, and the joint city-county Boulder Valley Comprehensive Plan further limits where city utilities reach at all. A lot outside those boundaries is either unservable by the city or dependent on a well and septic system, which changes the build budget and the timeline before a shovel goes in the ground.

Sources: lincolninst.edu

How is a vacant Boulder lot taxed while I'm building on it?
At the non-residential assessment rate, not the residential rate, until a house exists. Colorado assesses vacant land as non-residential property, 27% of actual value for tax year 2025, roughly four times the residential assessment rate applied to the same value, so carry costs on a held lot run higher than a finished house's tax bill would suggest. The non-residential rate is set by tax year and has been scheduled to move, so confirm the current one with the assessor rather than carrying 27% forward. Once construction finishes and the assessor reclassifies the parcel, the lower residential assessment applies going forward, on top of Boulder County's own certified mill levy for that tax area.

Sources: bouldercounty.gov

If I build to rent in Boulder, what inspection do I need before I can lease it?
A city rental license and a SmartRegs energy inspection, both before the first tenant moves in. Every rental unit in the City of Boulder must hold a four-year rental license, verified by a privately licensed inspector on the city's list, and separately must meet the SmartRegs energy standard, either 100 efficiency points plus 2 water-conservation points on the prescriptive path or a HERS rating of 120 or less, before it can be legally leased. Build the licensing and SmartRegs inspection into your lease-up timeline, not after it; a brand-new build still has to clear both steps.

Sources: bouldercolorado.gov

Is there still construction demand from the Marshall Fire rebuild?
Yes, and it is unevenly finished across the three affected areas. The fire destroyed more than 1,000 homes in Louisville, Superior, and unincorporated Boulder County on December 30, 2021, and as of March 2025 about 76% of destroyed homes were rebuilt or permitted, with Louisville furthest along at roughly 90% and unincorporated Boulder County lagging because most of its rebuilds are custom rather than builder-grade. At least two-thirds of affected households carried an insurance gap averaging more than $100,000, which is the hole a ground-up or bridge loan fills on a rebuild insurance proceeds do not fully cover.

Sources: boulderweekly.com, boulderreportinglab.org

More Ground-Up Construction questions, answered on the program page

Resources

Guides for Ground-Up Construction

Fix and Flip · 6 min read
Fix and Flip Loan Requirements: What You Need to Get Funded
Read the guide
Fix and Flip · 5 min read
What Is ARV (After-Repair Value) and How Do You Calculate It?
Read the guide
Construction · 5 min read
How Ground-Up Construction Loans Work
Read the guide
Getting Funded · 4 min read
LTV vs LTC: What's the Difference?
Read the guide
Browse all guides
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About the local figures on this page

Local rules move. Every tax rate, fee, ordinance and market figure here comes from a primary source and carries the date we read it, and we correct them as the rules change. Where a number is mid-change or we could not verify it, we say so rather than guess. Before you commit a budget, confirm anything that drives it with the city or county, and talk to your attorney or CPA on questions of law or tax.

Published by USA Mortgage Funding, LLC, NMLS #152588. Researched from primary sources by our team, drafted with AI assistance, and every figure checked against its source before publishing. Where an answer rests on a public record, that record is linked under it. Figures read on 2026-08-28.

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