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Author Topic: New Company, New Construction Loans  (Read 883 times)

Offline pianoman9701

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New Company, New Construction Loans
« on: March 21, 2023, 12:12:32 PM »
Hey Gang, I've joined Amerifund Home Loans - a great company with lots of opportunity for an experienced Loan Officer. One of their products is a One-Time-Close for construction loans. This is especially great if you already own a piece of land that can be used as equity. See the flyer and my contact info for more.
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Offline turkeyfeather

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Re: New Company, New Construction Loans
« Reply #1 on: March 21, 2023, 02:48:52 PM »
Do you do loans for off grid builds?
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Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #2 on: March 23, 2023, 07:38:58 AM »
Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking. :tup:
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Offline turkeyfeather

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Re: New Company, New Construction Loans
« Reply #3 on: March 23, 2023, 07:41:44 AM »
Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking. :tup:
Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.
Be more concerned with your character than your reputation. Your character is who you actually are while your reputation is merely who others think you are.

Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #4 on: March 23, 2023, 07:42:59 AM »
Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking. :tup:
Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.
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Offline trophyhunt

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Re: New Company, New Construction Loans
« Reply #5 on: March 23, 2023, 08:05:42 AM »
Iíll pass on info to my kids, they own the 1.25 acres they are gonna build on. Have well drilled, power in, septic design approved. Plan on breaking ground next spring.
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Offline Boss .300 winmag

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Re: New Company, New Construction Loans
« Reply #6 on: March 23, 2023, 08:15:45 AM »
Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking. :tup:
Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.

Why no log homes?
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Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #7 on: March 23, 2023, 08:21:06 AM »
Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking. :tup:
Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.

Why no log homes?

You know, maybe for a cash-out refi, I might find a lender. None of my lenders will do a construction loan on a log cabin. Those are normally financed by the log home companies or credit unions.
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Offline Sakko300wsm

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Re: New Company, New Construction Loans
« Reply #8 on: March 23, 2023, 04:54:01 PM »
Just submitted building plans for my property in ferry county on the Kettle River . I own the property and will be looking into a bit of a construction loan. Any info would be great! If you do Ea Wa?
Thanks
Rob
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Offline Iveexcaped3

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Re: New Company, New Construction Loans
« Reply #9 on: March 23, 2023, 06:13:41 PM »
Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.

Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #10 on: March 24, 2023, 05:53:27 AM »
Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.
Correct, there can be no family relation between the buyer and the builder.
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Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #11 on: March 24, 2023, 05:57:12 AM »
Just submitted building plans for my property in ferry county on the Kettle River . I own the property and will be looking into a bit of a construction loan. Any info would be great! If you do Ea Wa?
Thanks
Rob

I'm licensed all over WA and OR. Are you planning to do the build yourself or do you have a contractor who's not related to you and has done at least three prior builds?
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Offline Skillet

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Re: New Company, New Construction Loans
« Reply #12 on: March 24, 2023, 08:03:08 AM »
Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.
Correct, there can be no family relation between the buyer and the builder.

Not to hijack - but what are the lenders worried about if there is a relationship between buyer and builder?
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Offline Stein

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Re: New Company, New Construction Loans
« Reply #13 on: March 24, 2023, 08:18:50 AM »
Same thing as any transaction not arms length.  There could be fraud, on paper overcharging and kickbacks leading to the bank being exposed to additional risk.

Offline pianoman9701

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Re: New Company, New Construction Loans
« Reply #14 on: March 24, 2023, 08:29:09 AM »
Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.
Correct, there can be no family relation between the buyer and the builder.

Not to hijack - but what are the lenders worried about if there is a relationship between buyer and builder?
:yeah:
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

 


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