Financing in Atlanta>Question Details

miamoore02, Renter in Plymouth Meeting, PA

Construction to perm loans in GA

Asked by miamoore02, Plymouth Meeting, PA Sat Apr 20, 2013

We own the land and are looking for construction loan option in the area. We plan to use the land for 20% down using land as equity. We do not have stellar credit. Are there any bank/lender out there doing construction loan with 20% down or even less these days?

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I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
0 votes Thank Flag Link Thu Jun 20, 2013
As construction permanent loans resurface, the guidelines will lighten up. Regarding the value, As long as you have owned the land for 12+ months you can use the appraised value of the entire project(as completed) to determine the Loan To Value. This can be a huge benefit to you for items like Mortgage Insurance, final rate, etc. For instance, I do not know of any lender that will go higher than 90% LTV and below 700 scores at this time. Call me if you would like to discuss further. 404-226-3178
0 votes Thank Flag Link Wed Apr 24, 2013
Given that many local banks failed due to construction loans, most are no longer willing to offer them. Of those very few who still do, a large down payment along with excellent credit is going to be required.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sat Apr 20, 2013
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