Posted by Josh-NC on February 14, 2002 at 08:56:54:
SouthTrust has lent me money for fairly extensive remodeling projects (i.e. $40K remodeling on $110K purchase price - they lent 120K based on 180K post-rehab appraisal).
Their lending criteria does not seem to be overly onerous. I have clean (free from derogatories), but heavily-used credit and a good income. I keep up-to-date balance sheets for my personal finances and my LLC finances which I give to the loan officer each time I apply.
Given that the loan officer already has most of our information on file from prior business, I can often get a loan funded in 7-10 days. This way I have been able to purchase a house at action that required closing within 20 days.
The loan officer’s name that is based in Gastonia is Ken Miller.
The appraiser’s name (that I believe only works in Rutherford or Cleveland County - 2-3 counties west of Mecklenburg) is Gene Booth - Booth Realty