“We Now Have Construction Loans Available”

For the last few years, I referred all of my construction loans to local banks and credit unions, but no more. Unfortunately I used to get many complaints from the clients that I referred out which always frustrated me. Most institutions did construction loans as an afterthought and I was no longer able to stay on top of the transaction.

I already have one construction lender that is now doing construction loans for me and there will be more to follow, a very good sign going forward.  The best part, I can do these loans in all 8 states that I am licensed, CT, MA, RI, ME, NH, VT, NY and FL.

I just started working with a couple that have owned their 5 acre parcel for the last three years and have no debt on the land. Today’s value of the land is estimated at $90,000 and the home they want to build will cost approximately $240,000. Based in the land value, they will not need any additional down payment. In the next four weeks they will have selected the contractor and finalize the final bid.

I am so delighted that I can now stay in control of all the construction transactions that will come my way, instead of giving that control over to someone else. I guess I must be a bit of a control freak, you think?