Posted by zach on March 17, 2006 at 19:48:22:
Sent you an email…
Construction Financing - Posted by Brett Clousing
Posted by Brett Clousing on March 17, 2006 at 16:03:25:
I am looking for construction financing for duplexes and 4-plexes. We have buyers stated and income verified with fico scores usually over the 700 mark that sign for the construction loans. We have had issues with lenders saying they can do it then changing up the rules just before closing…example they want investor to owner occupy one unit etc…please email me if you have a program that would work for this. We are building 50 4-plexes monthly…my email is brett524@aol.com Thanks for your time!
All the best,
Brett
Re: Construction Financing - Posted by bellesguy
Posted by bellesguy on March 20, 2006 at 12:36:13:
Would be very interested in participating. Have made construction loans generally based upon 75% of purchase price or value of property + cost of construction. Can roll interest payments on construction loan into contigency fund (part of loan) so monthly payments come from bank funds and not from borrowers cash. Usually 12 to 24 months loan. Interest rate is prime +1 usually.
Send us an e-mail identifying yourselves and where your current projects are located (State) and type of property. Your usual fico range sounds excellent. If borrower is using property as primary residence or vacation home, we can do 80% ltv, and roll into option arm with 3yr pp using only one closing at the time of construction loan.
Re: Construction Financing - Posted by Bill
Posted by Bill on March 18, 2006 at 05:22:54:
I just sent you an email.