What construction lending terms are your receiving?

OK readers.. would love to hear from you in regards to what kind of construction financing you are finding out there!

I am aware that many local banks are still lending.. but at what LTV/LTC, what down payment, and with or without a builder?

WE still have available 3 lenders and soon to add another…. and can you believe that we are STILL able to offer a construction to perm loan with only 5% down (based on appraised value of the project)?  AND with credit score of only 640?

I believe that this is still a good time to build.  In many areas the values are stablizing and may not drop further.   Your construction-perm loan is based on Fair Market Value at the time of construction start; a new appraisal is NOT done at the completion of the project.  Thus, IF you are building in sufficient ‘sweat equity’, then your investment will be safe.

Many subcontractors need the work!   Why not start your project now and a discounted land purchase, and employ these needy trades!

TWELVE.. count them… 12!  months of no payments while you build!

Call me.  I will get you started first with an estimated cost to build budget line-item, a detail of lending terms, and then get your loan application over to the lender for credit approval.

Again, I welcome your replies in regards to what lenders are offering you on construction financing!

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