Posted by ray@lcorn on June 01, 2000 at 21:29:00:
The number of sources available to finance a new construction project will be dependent upon the size of the project. Anything below a million bucks will probably be best served by a local, independent bank. Larger projects will catch the interest of a number of national lenders. I know one that lends in the Mid-Atlantic states with very attractive construction financing for a variety of projects with a $1M minimum, sponsored by a consortium of independent banks. If you are located in that area let me know and I will out you in touch. I’m not positive they still do parks.
You might also try LoopLender on LoopNet.com, or CyberLoan.com. Both of those services will pair your project with pre-loaded preferences of a database of lenders, and notify the lenders of your proposal.
One note of advice… make sure you have your numbers and a loan package together before you hit the send button, because you will get responses from a gaggle of lenders, and they will throw a multitude of deals at your dependent upon how your numbers work. Remember the old adage, you never get a second chance to make a good first impression, and your loan package should portray your project, and you as the owner, in the most professional and comprehensive manner possible.
If you are just shopping rates and terms on a preliminary basis, be sure to let them know that. You still need to have at least a one page sheet that can be faxed as a summary of the project as you think it may develop. They will appreciate the candor and most likely help you with plugging any holes in the deal.
Hope that helps,