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re: OT help with construction loan process
Posted on 10/12/21 at 1:07 am to dallasaggie
Posted on 10/12/21 at 1:07 am to dallasaggie
The materials will be stored at the warehouse by the supplier. Already talked about that to them. So if I have say 115k which is over 20% of total cost of home plus I own the land, I am not allowed to use the 20% I already have, to purchase materials and have them stored at warehouse until loan is finalized? I am only talking for about 6-8 weeks before I am ready to start. Materials are already at warehouse waiting for me to say bring them builders are here. Not like it will be stolen or walking off.
This post was edited on 10/12/21 at 1:13 am
Posted on 10/12/21 at 7:26 am to shoelessjoe
We just won’t ups til the work is in place. I work for a national bank. Maybe you’ll get looser terms from a local bank or a loan officer who doesn’t understand risks involved. I went through the Great Recession, you’d never believe some of the shady shite I saw… thus best practices like money up front, funding when work was actually completed and in places, etc…. It just protects the bank more. Look at it from our side. Not saying anything about the quality of person you are.
That said, if the land is valued at 20 percent of the overall value - you shouldn’t have to come up with an additiona; 20 percent cash. That’s too much.
That said, if the land is valued at 20 percent of the overall value - you shouldn’t have to come up with an additiona; 20 percent cash. That’s too much.
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