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Help! Where to get a mortgage ??

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Old 03-19-2002, 11:32 PM
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Default Help! Where to get a mortgage ??

I need real help ,real quick !

My girl friend wants to buy this nice peice of property that has an old house on it ,tear it down and build new .

She needs a loan to cover the hole prossess . Property, and constuction .
Sort of a constuction loan I geuss . I talked to one lender and they won't put up a dime untill the excavating , footings , foundation , and first floor is up ! If she had the money to do that she wouldn't need a freakin loan ! THen they would pay in 5 installments (20% each) through different stages of construction .After the first payment she would still be in the hole BIG TIME !! There has to be a better loan availible .

PLease help ! We are desperate !

Baby needs a new home ..........
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Old 03-19-2002, 11:45 PM
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Call 203-962-5494 and ask for Marcus. That would be Waterspeed to the members here. His firm is Pinnacle Financial and he is a mortgage broker and might be able to help.

He was the throttleman for the Wild Child Outerlimits race boat.
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Old 03-19-2002, 11:47 PM
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Wells Fargo is National, so here is what "I" not the everyone would do. IN order to obtain a contruction loan you will need the properties current survery, prints and specs on the future home, all of your normal mortagage requirements. What they offer is a one time perm loan where you close at the start of your process, and you draw out monies as it progresses. They can structure somewhat to how you need, usually it is in increments of 25 %, taking into account an initial property payoff. What you need to be sure of is that the new home with all demolition, construction, and improvement cost will appraise out for loan to value that you mortgage is designed around ie 95%LTV. Our families business is custom homes, we do about 75+ a year, if you need some more clarification, email me your number and I will call you tommorow and give you more concrete info. Midnight [email protected]
 
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Old 03-19-2002, 11:58 PM
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Thank you guys ! We are working on plans ,variences , septic,suryeys, etc . We are just about ready to need to spend money on all this paper work . We want to make sure someone is going to cough up the money to finance it before we lay out 5000 or so for all this paperwork ! But we need to get it going . We haev a close date in 90 days ! Thats means we need the money ,the variences , the designs and plans aproved and the building permit before then !!

I thought buying a boat was hard ..............

PLease keep the info coming ! THanks ,Joe (& Sandy !)

Miller ,I'll call Marcus ,and see what he has to say . Thanks !

Midnightrider, I may take you up on that call . Let me see how it goes in the next day or 2 . THanks !
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Old 03-20-2002, 12:03 AM
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how much you need? I coudlmake you a small advance but i am goign to need 30% back with in 6 months

other wise i need your fist born in 1 year


but seriously i have no idea! Good luck!
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Old 03-20-2002, 12:16 AM
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Thanks for the offer Puder ! I don't know who is the bigger crook you or the banks !!

Just kiddin !
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Old 03-20-2002, 12:29 AM
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you know if you had a website to sell some more of those lil diesel chips you might not need a mortage to buy the property


on another note I saw an ad for a 39' cat with ASD8s and big power for sale in the NJ/PA area your's isn't for sale is it?
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Old 03-20-2002, 12:34 AM
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Boot,
I am not sure of your state requirements...but Texas makes it very difficult for an individual to obtain interim financing for building a home (on your own), without a builder to have a mechanics lein on it. So maybe it would be better if you hired a consulting builder to help you through the process. Mainly to use "the builder's name" and "financing connections"...IF you plan to build the home on your own.

Good Luck...
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Old 03-20-2002, 12:44 AM
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Huntington Mortgage will work with you. I just turned a 350K mortgage into a 642K mortgage and they worked with me through the construction phases.....If you want info, email me. Dave Warden
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Old 03-20-2002, 01:40 AM
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Puder , Your right ,if I wasn't so tight I would get that site going ! Soon ,I hope .

Not my boat for sale !! I think it may be Nicks boat form PA . "slicknick".


liquid asset, You are right . They are tuff on the do it your selfer ! My brother is a contractor so he may be able to help . thanks .

Wardey , I am going to send that e-mail ,thanks! JOE
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