Financing in North Port>Question Details

Eric, Both Buyer and Seller in California

My home construction in North Port stalled and the lender defaulted, can I get a new bank to move forward?

Asked by Eric, California Tue Jul 31, 2007

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7
Bruce and Xena gave some great advice. I live and work in North Port and would glad to go out and look at your home and give you my opinion of the situation.
Web Reference: http://www.twomoores.net
1 vote Thank Flag Link Mon Dec 31, 2007
We are getting call after call from people that have had their bank pull out of a construction loan, and we have been able to help. It almost seems like banks want these loans off their books, and will do about anything to get them off! There are lots of legal questions, and you do need a lawyer to help with them. You are more than welcome to give me a call, we have people that are lending their own money out on good deals, and if your deal is good, we can get you back on track with your builder within weeks.

You can talk to your broker and see if he has anyone looking to make interest on your deal or if they have a hard money lender that will step in and help you out. This type of loan will get your home done so you can get it refinanced into a more conventional loan, and get moved it.
0 votes Thank Flag Link Sun Jun 22, 2008
Eric,

This is a BIG legal question.....our recommendation is to be in touch with an attorney for advice. We would be happy to provide you with a list of attorneys to consider.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sun Jun 22, 2008
I'd have to look into this more closely, and bring in my Home Builder Finance partner, but I specialize in new construction loans. My bank, First Horizon does alot of home buider finance as well. Feel free to contact me directly.
Web Reference: http://www.tonymarks.com
0 votes Thank Flag Link Mon Aug 6, 2007
Eric,
Your lender may have defaulted, but your contract with the builder is still in place. Your liability with the defaulted lender as well as with the builder is still in play. You are able to negotiate with your builder at this time and you may be able to walk away from the deal altogether. BUT, you should consult an attorney for the best advice.
0 votes Thank Flag Link Fri Aug 3, 2007
Eric, Based on the two questions you have asked here, it is my assumption that you are not only having problems with the lender, but also the builder. Is it possible you can just walk away completely & find something else? There are so many homes for sale in the area at greatly reduced prices or even inventory homes already built & ready to go.

If you are building on your lot, obviously that is a huge difference. In either event, I would first contact an attorney to find out what your rights are & proceed accordingly after that advice.
0 votes Thank Flag Link Wed Aug 1, 2007
Get a new timeline for finishing from the builder. Then take it to local banks or local financial institutions to consider. If they won't do it, try a hard money lender. That's worst case senario. Then once it is complete then refinance to a permanent loan.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Jul 31, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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