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Answers (5)
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
Hi John, I"m in Maryland, here you can do it for 80% LTV. so 20% of the costs will be out of pocket. This 20% is escrowed by the bank and released as work progresses.
- Elaine Manfredi, "Elaine Manfredi"
- Contributions:39
Hello John:
Your best bet is your local community bank(s) who is a portfolio lender. Some may specialize in these types of loans in your area. I work for a community bank in Massachusetts and we finance these types of projects in Mass. Best of luck with your construction project!
Your best bet is your local community bank(s) who is a portfolio lender. Some may specialize in these types of loans in your area. I work for a community bank in Massachusetts and we finance these types of projects in Mass. Best of luck with your construction project!
- JohnSaia
- Contributions:2
Thanks, Randy, for the great advice!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
John- Randy gave a great response. I am certain the bank he represent funds portfolio loans. I suggest you follow his advice. Should you not have satisfactory results, I also suggest contacting the Construction Lending Division of U.S Bank and Wells Fargo. ... Best wishes.
Happy funding, Rudi
Happy funding, Rudi
- Randy Barwick, "Randy Barwick"
- Contributions:2
Unfortunately John, the state of the new home construction business from a national lender perspective has not yet come back. I have been advising new builders across the country to explore what local banks and credit unions are offering. The problem with non-local lenders and the construction business is lack of knowledge of the area, home prices, building contractors, etc... and that lack of knowledge is seen as too much risk. On the other hand, a local bank in the immediate area of where you are building, knows the market, knows the builders, has a very good idea of what the value of your property will be upon completion, etc... Local banks will also have a vested interest in the recovery and stabilization of the local real estate environment, so therefore be more willing to participate. My recommendation would be to visit the 3 banks closest to your property plus the bank that has a relationship with your contractor. Good luck.
I'm seeking a construction loan of about 900K. I own the property at 315K, with completed plans.
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