pdubya76 Ole Miss Fan Uncle PO Sted's place Member since Mar 2012 1579 posts
re: Construction Loans and being your own general contractor? (Posted on 7/21/13 at 2:07 am to vettegc)
Small town banks may be your best bet. I am building a house right now and am the contractor. No real issues so far. The bank we are using is real easy to deal with. Just call and tell them how much I wrote the check for and it's done. We owned the land free and clear. We also had approx 1/3 of the total in cash upfront. It's been a pretty straightforward process so far.
silstang23 USA Fan Bossier City, LA Member since Oct 2007 4180 posts
re: Construction Loans and being your own general contractor? (Posted on 7/21/13 at 8:05 am to vettegc)
As the others have said your best bet would be with a smaller local bank. I built 2 years ago using a construction/interim loan from Citizen's National Bank in Bossier City. Never used them before as I have always banked with Capital One/Hibernia.
re: Construction Loans and being your own general contractor? (Posted on 9/16/13 at 12:57 pm to vettegc)
I went through Trustmark a few years ago. Didn't have any trouble back then, but their regulations may have changed since. I'd just send them an email on Thursday morning telling them how much I needed put into the account, and it was there on Friday for me to write checks.
On builder's risk, the only issue I had is my homeowners and auto policy is with Alfa. Their builder's risk wouldn't cover theft until locks were on the doors. Not sure if that is standard or not.