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re: New Construction Loan
Posted on 8/30/22 at 8:23 pm to hawkeye007
Posted on 8/30/22 at 8:23 pm to hawkeye007
For those following this thread, my advice to you is to keep looking for banks that will fund a jumbo construction loan as part of their portfolio. We will be closing on Friday on a $950k loan at 4.4%. It is a fixed rate product with no pre-payment penalty and with a no fee float down option once construction is complete. The deals are out there if the bank finds the investment attractive. I ended up with a major bank, not a credit union.
This post was edited on 8/30/22 at 8:26 pm
4
Posted on 8/30/22 at 8:31 pm to hawkeye007
The 2008 crash had a lot of people in ARMs yea, but it was the lenders themselves who were putting people in these products and getting kickbacks for doing it. The ARM wasn’t the main issue.
Posted on 8/31/22 at 1:04 pm to 22jctiger22
This is true- I send my higher network clients to banks. Banks want these loans for their portfolios. From what I have seen, this has not been true for your average borrower. Most banks will have the market rates for them
Posted on 8/31/22 at 1:04 pm to 22jctiger22
This is true- I send my higher network clients to banks. Banks want these loans for their portfolios. From what I have seen, this has not been true for your average borrower. Most banks will have the market rates for them
Posted on 10/18/22 at 11:35 am to AshlynGuzman
i work for Hancock Bank and can help. edhawk75@gmail.com
Posted on 5/23/23 at 9:30 pm to RoseGray
Way back bump.
Posted on 5/24/23 at 6:40 am to 22jctiger22
I work a small community bank in Baton Rouge. I do these for my mortgage company friends who cannot do one time jumbo construction loans. We do the construction and then customer refinances out.
Posted on 5/24/23 at 6:55 am to RealDawg
I’m noticing more and more very old threads being bumped that all look like they were written by a bot.
Posted on 5/24/23 at 7:50 am to saderade
quote:
I’m noticing more and more very old threads being bumped that all look like they were written by a bot.
Def bots as the people bumping them are all new people with 1 post.
Posted on 8/10/23 at 11:04 am to RogerTrock
Since the bot that bumped a while back disappeared, I have a legit bump.
Looking at construction loans next two months.
Almost assuredly rates will come down by end of construction loan. One time close doesn’t seem to make sense unless as I would likely end up refinancing anyway (no real closing cost savings).
I am hopeful much of my land can be used as part of down payment.
I have a unique situation in that my roof, walls and floors will be “free”. Also hopeful these being off the costs of the construction leaves enough loan to value that I can finance the interest payments back into the construction loan.
Any thought/suggestions?
Looking at construction loans next two months.
Almost assuredly rates will come down by end of construction loan. One time close doesn’t seem to make sense unless as I would likely end up refinancing anyway (no real closing cost savings).
I am hopeful much of my land can be used as part of down payment.
I have a unique situation in that my roof, walls and floors will be “free”. Also hopeful these being off the costs of the construction leaves enough loan to value that I can finance the interest payments back into the construction loan.
Any thought/suggestions?
This post was edited on 8/10/23 at 11:14 am
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