Wells Fargo, IndyMac, or...?

cdigsFebruary 16, 2007

So I've got some numbers back from Wells Fargo/PNC and IndyMac for a construction loan. Aside from the pure numbers game, I'm wondering if anyone can share experiences with either lender in a construction loan capacity. Was the lender flexible? Were they on time with disbursements and inspections? Was the disbursement process smooth? Was the lender easy to work with when issues did arise? Are there other lenders that I should look into?

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bobleilani

Well, although I'm just a small step ahead of you in the building process (getting ready to fund our construction loan) I can say that we've done a lot of research and found that the best product for us, by far, was Washington Mutual. One more thing, it really depends on the construction specialist that you work with, because the first WaMu person we were referred to was, to put it mildly, a flop. We then found Mitzie Sambueno by looking around at homes under construction (she had a lot of signs as she was doing their financing) and in a "Street of Dreams" publication. She has been absolutely wonderful to work with so far! I hope after our project is complete, I will be able to share good feedback about your other questions to others, but for now, I'd suggest at least looking into Washington Mutual to compare rates and terms.

Here is a link that might be useful: Mitzie Sambueno of Washington Mutual

    Bookmark   February 20, 2007 at 6:17AM
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dees_1

We had a mortgage with WaMu and they just recently sold their entire portfolio to Wells. Not certain if they are continuing with new loans or not.

I refinanced my home with Wells and am in the process of a new home loan with them. We've received fantastic customer service and great rates. However, this is not for a construction loan.

    Bookmark   February 23, 2007 at 10:45AM
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