Construction Loan? Need suggestions

farmhousegirlMarch 2, 2014

Hello,
We are finally seeing the light at the end of the tunnel with our lot and hopefully going to break ground this summer.

Looking for recommendations for lenders doing construction loans.

Thanks you!

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jdez

We went with a local hometown bank. It was the second bank we went to. The first bank had some just plain stupid requests. It would be best for you to shop around until you find a bank that gives you the terms that work best for you.

    Bookmark   March 2, 2014 at 3:06PM
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Tom9951

You may also ask your builder for suggestions on who he likes to work with. A bank that makes it difficult to get draws and has too many layers can be a major pain. A local bank with a good construction department can make things much easier.

    Bookmark   March 2, 2014 at 4:17PM
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MFatt16

We are using Homestreet. They had the best deal on closing costs and had no fees if your build takes longer than the term. They also had a 12 month term rather than 6-9 that most lenders had. Good Luck.

    Bookmark   March 2, 2014 at 10:58PM
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buzzyng

Definitely check around with local banks as some are easier to work with than others. You can read my blog about our adventures although I haven't kept it up to date after getting into the building process ... little time.

In short, we went with a bank that gave us credit for sweat equity such that we didn't have to put down alot of cash to secure the loan.

Good luck

Here is a link that might be useful: Lot59

    Bookmark   March 4, 2014 at 12:26PM
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