Financing in Atlanta>Question Details

blueberry2, Home Buyer in Atlanta, GA

Looking for construction loan in Atlanta area

Asked by blueberry2, Atlanta, GA Thu Jul 21, 2011

We own the land and are looking for construction loan option in the area. We have 20% down already using land as equity. Some banks we talked to require 25% down with loan amount all the way to a million. Are there any bank/lender out there doing construction loan with 20% down or even less these days?

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Answers

10
We have a top notch construction loan with down payments as low at 10%. Feel free to visit my page for more details.
0 votes Thank Flag Link Fri Jun 10, 2016
Depending on the size of the project, we can set up the consruction period from 6 months to 15 months, and you can pay interest during constuction and lock in your rate up front, and can float down when the loan rolls permanent, or switch loan programs at that time. This could be advantageous since it is impossible to predict maket movement over the next couple of years. We don't require builder approval either. Required reserves after closing are usually 2 months PITI. We have a HUB in Gainesville GA that handles hundreds of these loans for the Southeast region. Without hesitation I can tell you we are really good at them.

NIck Nicholas
SunTrust Mortgage
678-614-4327
0 votes Thank Flag Link Fri Jul 22, 2011
Thanks for all your responses. Will contact each of you later today.
0 votes Thank Flag Link Fri Jul 22, 2011
I was just wondering if you ever found a construction loan.
Flag Wed Feb 12, 2014
Blueberry2,

Yes, there are plenty of construction to permanent financing options available that will enable you to use your lot as sufficient equity to eliminate additional funds out of pocket. Most lenders will want you to have sufficient cash reserves to pay your mortgage for at least one year.

Email me and I can send you some options for consideration.

Timothy Brown | Managing Broker

Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Fri Jul 22, 2011
No Problem at SunTrust. We do them with 20% down all day long. 20% is the minimum but you can build in the interest payments and closing costs as well. I've been doing these types of loans for 27 years and would be honored to assist you and lead you every step of the way from the dirt to the door keys.You can start the process and apply on line, just go to my website.

Thank you,
Nick Nicholas
SunTrust Mortgage
678-614-4327
0 votes Thank Flag Link Fri Jul 22, 2011
Blueberry,

The best option you will find in Atlanta will be 20% down on a CP Loan. The loan is for new construction (no existing structure on the lot) - so I don’t think the option below from Bill will work.

If there was an existing structure you could look at a tear down renovation or the hard money loan, but based on the question, it looks like a new build.

If you would like more information on a construction loan, I can offer a referral to one of the best construction loan officers in Atlanta. Just shoot me an email.

Good luck!

Jonathan Cundiff
Mortgage Consultant
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Jonathan.R.Cundiff@wellsfargo.com
0 votes Thank Flag Link Fri Jul 22, 2011
We can do a hard money loan. Depending on the after repair value of the home compared to how much you want to borrow, will dictate the down payment (if any) requirement. For example, you need 200,000 to complete the house. After repair, the house is worth 300,000, we can lend 210,000 to cover the cost to build plus cost of the loan. Upon completion, you can call Kim Jones to refinance you out of the loan. It's much easier and less paperwork (no asset, no income) to do it this way than to do a conventional loan AND it's easier for Ms. Jones to refinance you at a higher loan to value once the project is complete.
0 votes Thank Flag Link Thu Jul 21, 2011
Call me!!

Regards,
Kim Jones
Senior Mortgage Banker
Brand Mortgage
3328 Peachtree Road #200
Atlanta, Ga 30326
678.468.4046
kdjones@brandmortgage.com
Web Reference: http://www.kimdjones.com
0 votes Thank Flag Link Thu Jul 21, 2011
Thanks for your response. One bank we talked to in Atlanta actually requires 20% down but one of our friends who lives up north was able to find a construction loan with 15% down a couple of months ago. Just exploring to see if I can find the same/similar option here.
0 votes Thank Flag Link Thu Jul 21, 2011
Are there any banks in Atlanta that will let you use your land as the down payment or 15% down or less?
Flag Wed Feb 12, 2014
Short answer - Nope.

Long answer - When I was shopping for this type of loan for a client of mine I found a few local banks that would at 25% down but the qualify criteria seemed to be ridiculous. Even with good credit and plenty of cash in the bank they wanted us to practically build the house first and then come to them to refinance it...
0 votes Thank Flag Link Thu Jul 21, 2011
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