Does anyone know a who else does construction loans other than US Bank?

US Bank does them for 20% down of the whole appraised value. Does anybody else do them?
  • April 23 2013 - Truckee
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Answers (9)

Yes, there are alternatives to US Bank!  But 25% owner contribution of total project cost is typical.  Lot purchase costs and design and permit fees already paid are considered part of owner's contribution.  Word of advice:  the terms of the "permanent" mortgage part of one-time-close, construction to permanent loan packages are seldom the market's best.  An independent mortgage originator can make sure you get the best deal.
  • October 06 2014
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Chris-

There are a number of Lenders that offer Construction loan financing.  BBVA Compass has a One Time Close Construction loan.  We fund the Construction and Permanent loan in one step.  Depending on scenario, we can lend up to 90%.  Hope this helps.  Please feel free to contact me at my profile if you have any questions.

Regards,
-Matt Brozek
Mortgage Banking Officer
 BBVA Compass
NMLS#8985
 

 
  • August 22 2014
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Profile picture for greg loberg
Hi Chris, Umpqua Bank has a very good menu of Construction loans. 20% of the cost is common but there are options if it is not all new construction as well.
  • August 22 2014
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Chris

Were you still interested in a construction loan? Our company has been doing them for 20 plus years. We off a single close construction loan that you can buy your lot, pay for fees and of course pay your builder. These loans are available with as little a 3.5% down.

Anthony
  • November 22 2013
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I have heard that you can get a small FHA construction loan. I have tried US Bank myself and failed miserably for no particular reason.

  • November 20 2013
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I work for a mortgage bank in CA that does single close construction loans. We have a 3.5%, 5%, 10% and a 20% down product. We have been doing construction loans for 20 plus years.

Anthony Venturi
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  • October 21 2013
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I would believe any "big" lender would do them.  Wells Fargo, Great Midwest Bank, PNC Bank, Associated Bank, BMO.
  • April 23 2013
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20% of the total acquisition cost is pretty common; of the 9 loan officers you work with did they all give you the same requirement?
  • April 23 2013
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Profile picture for daveskow
washington federal has a good propgram ( not sure if hey lend in CA )
  • April 23 2013
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