Are there any banks out there in the state of Washington that are doing construction loans.

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October 09 2009 - Bellevue
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Wells Fargo Home Mortgage continues with loaning on construction and there have even been some very recent improvements on the programs. 
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October 14 2009
There are a couple left here in Washington but not many.  There are the ones like WaFed that we (loan folks) have access to and use and I understand that Timberland may still do them on the retail side.  What you could expect from the broker side is a 30 year fixed "one close" with an interest only payment durring construction up to one year.  You will need at least 20% skin in the game as either cash or equity such as owning the land out right.  Additionally you will need a "Fixed Price" bid from a licensed contractor, not time and materials.  It sure is much tighter than it used to be!  Just look at how many builders are not building, their money too has dried up.
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October 12 2009
I don't use a bank to close them but yes...there are a few sources of construction loan only lenders left here in Washington State.

The 'average' borrower they are seeing is a perfect borrower in a great situation.
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October 09 2009
Yes, Washington federal is. I'm sure there are others too, but I know for sure WaFed on the wholesale side (and probably retail too) is doing owner occupied construction loans.
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October 09 2009
 
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