- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
construction loan advice
Posted on 9/16/11 at 11:22 am
Posted on 9/16/11 at 11:22 am
Any advice on where to turn when one has debt to income issues? Situation is this : Fairly high net worth (1 miilion plus), decent liquid assets (500k or so) but low income and is having issues getting a loan for new home construction from regional type banks.
Anybody else dealt with this
Any ideas on where to go? TIA
Anybody else dealt with this
Any ideas on where to go? TIA
3
Posted on 9/16/11 at 2:21 pm to threeputt
Construction loans are tough to comeby these days. Is doing the project turnkey with builder out of question?
Posted on 9/16/11 at 5:45 pm to ItNeverRains
What about using part of the $500k to build the house?
Posted on 9/16/11 at 6:01 pm to guttata
quote:
What about using part of the $500k to build the house?
frick that. 10 year rates are 2.4% If you aren't making over 2.4% on your money, you need to rent for life.
Posted on 9/16/11 at 8:50 pm to threeputt
quote:
Any advice on where to turn when one has debt to income issues? Situation is this : Fairly high net worth (1 miilion plus), decent liquid assets (500k or so) but low income and is having issues getting a loan for new home construction from regional type banks.
Anybody else dealt with this
Any ideas on where to go? TIA
I just closed on a construction loan, it was a process to say the least. Some banks just don't move too fast, but other are hungry and willing to deal. Check with all the banks in your area, and see which ones are loaning on new construction.
I ended up using a bank that I have zero interest in.
Posted on 9/16/11 at 9:31 pm to WHATDOINO
quote:
Some banks just don't move too fast, but other are hungry and willing to deal. Check with all the banks in your area, and see which ones are loaning on new construction. I ended up using a bank that I have zero interest in.
The lending climate is just screwed up right now. I've found that over the last 2 years or so, the bigger the bank, the bigger the headache. The smaller community banks and upstarts seem to be more willing to make the deals and get them done that the larger regional and national banks.
Posted on 9/16/11 at 11:06 pm to Forgiving Morgan
quote:
The lending climate is just screwed up right now. I've found that over the last 2 years or so, the bigger the bank, the bigger the headache. The smaller community banks and upstarts seem to be more willing to make the deals and get them done that the larger regional and national banks.
Very true.
Posted on 9/17/11 at 6:02 am to WHATDOINO
I spoke with a manager from Chase yesterday and she said Chase doesn't even do construction loans any longer. I'm currently getting bids now and am hoping I won't have alot of trouble getting a construction loan through the credit union. When I purchased the lot, I went ahead and got approved for the amount I thought it was going to cost to build.
Posted on 9/17/11 at 9:59 am to guttata
Don't blame Chase one bit. Get a builder who can do it turnkey and get a conventional loan. It will come out cheaper.
Posted on 9/17/11 at 10:12 am to ItNeverRains
Come see me at the First NBC on vets near Bonnabel. We do many construction loans.
Posted on 9/17/11 at 7:28 pm to Forgiving Morgan
quote:
The smaller community banks and upstarts seem to be more willing to make the deals and get them done that the larger regional and national banks.
This
Posted on 9/18/11 at 7:57 am to ItNeverRains
quote:
Don't blame Chase one bit. Get a builder who can do it turnkey and get a conventional loan. It will come out cheaper.
This is what I did and it was really easy. Much easier to just have one conventional loan to close than dealing with a construction loan, draws, etc, etc.
Posted on 9/18/11 at 8:01 pm to threeputt
Where are you trying to build?
Posted on 9/19/11 at 9:14 am to TigerHunt
I am using UCB (United Community Bank) for my construction loan and GMFS for my permanent mortgage. GMFS will submit a "subject to approval" appraisal to UCB and UCB will give construction loan. Once the house is complete, GMFS will payoff UCB and I then have a 30 yr fixed mortgage. the subject to approval appraisal is the only appraisal I will have to get, that's what they are saying. I will bring my plans to GMFS, they approve, the get appraisal, then I bring plans and appraisal to UCB and they give me Construction loan. I will let you know how it goes, I should be doing this in mid October.
Posted on 9/19/11 at 12:15 pm to The Uptown Tiger
quote:
Come see me at the First NBC on vets near Bonnabel. We do many construction loans.
What rates are yall currently offering? I about to start building in Old Metairie.
Posted on 9/19/11 at 8:28 pm to Tigersfan
tigersfan
Where can I contact you about your construction loan to give you some rates and info.
Where can I contact you about your construction loan to give you some rates and info.
Posted on 9/20/11 at 10:41 am to TigerHunt
quote:
tigersfan
Where can I contact you about your construction loan to give you some rates and info.
jmc3929@aol.com
Posted on 9/20/11 at 10:50 am to Tigersfan
<----- @cox.net
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News