Need construction loan
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millworkman
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Construction Loan? Need suggestions
Comments (4)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...See MoreMeeting with builder in the morning, first meeting!
Comments (4)How exciting -- another step closer to your dream house! I think if you can let the builder know what you are trying to get out of the meeting, he/she might better figure out the best way to help you: "why are you the right builder for my dream house," "should I buy this property for my dream house," "how much do you think it would cost to build my dream house here," all of the above? something else? I wouldn't be so concerned about coming across as a "silly first time builder," personally I would want more education about what I didn't already know that I should know. Especially since it sounds like you are already talking with an architect who ultimately could become your guide during the building process. When we first met with builders, I would affirmatively say that we had not built a house before, here's what we're thinking about but you are the experts so we want your opinions, and what else should we be asking. The contractors knew that we would be talking to other contractors and using an architect, so there was every incentive for them to be forthcoming and helpful rather than trying to take advantage of any initial lack of knowledge on our part. At some point, you will want to get references and see completed projects. And, as still_waters points out, the whole "getting to know you" part is very important as you ultimately will be spending lots of time with the one you choose. Good luck!...See MoreConstruction Loans & Lot Loans
Comments (2)Since US Bank employees obviously can't understand relatively simple documents, like the Terms Of Service here, which prohibit your spam, why would anyone choose to do business with your company?...See MoreNew Construction Home: Pay Cash vs Construction Loan
Comments (4)Yes to your own RE attorney. Yes to a methodology of lien release tracking. Yes to setting up a construction draw schedule even if you don't have a loan. Your builder should know when he needs draws and design a schedule for you. Planning is everything. Know what you want and stick to it. Strangely enough, once the foundation is dug, a lot of risk diminishes. If there are no rocks or water, your foundation costs drop off. Shop around for other lenders. You only need a construction loan. Not a construction to perm. They are different. It's good to have a line of credit in your back pocket when building. I suggest you explore a home equity line of credit on your current home. If you need it, you have it. If you don't use it, you were prepared. Lenders will love you. They love to lend to people who don't need the money. And, they love lending to people who already own the land. Expect and prepare for cost overruns. Construction lending is high risk and you are lowest level of risk of a high risk endeavor. Make the lenders compete for your business....See MoreDale Mancillas
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