Financing in 11021>Question Details

Eric335530, Home Buyer in

construction loan

Asked by Eric335530, Tue Jun 12, 2012

i know credit is tight those days, i own a land outright, can i use that as Collateral to get a construction loan? then convert it to regular mortgage once it's done.
the house is in Long Island, NY

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Call People's United Bank & ask for Bob Bishop. He does residential construction loans.
0 votes Thank Flag Link Mon Jan 13, 2014
Will it be for investment property? We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
0 votes Thank Flag Link Sat Jul 28, 2012
Consult with any licensed loan officer, however highly unlikely...
0 votes Thank Flag Link Tue Jun 12, 2012
No, I don't think that is possible.
You are going to alter the vacant land by building on it.

So it is not like borrowing against a house in your case.

If you have enough income I don't see why you couldn't get a construction
loan and then after home is built. Take a loan or mortgage from a lender.

Good luck,

Camille Dandola
0 votes Thank Flag Link Tue Jun 12, 2012
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