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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 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 9/18/11 at 8:01 pm to threeputt
Where are you trying to build?
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