Home Buying in Manayunk>Question Details

Leigh Corcor…,  in Philadelphia, PA

any sign of new construction loan coming back ?

Asked by Leigh Corcoran, Philadelphia, PA Wed Dec 8, 2010

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Larry Lichtman’s answer
There's many new construction projects throughout the City. Many are selling well pre-construction. There are always loans available for new construction homes. Not so sure why you are having trouble. Please feel free to call Ed Dubinsky at United Capital Lenders 215-808-5353.

All the best,
Larry Lichtman
2 votes Thank Flag Link Thu Dec 9, 2010
Leigh. Is the new construction a house or condo? Are you a builder or consumer? If it's a condo, financing is there but it's harder. The development needs to be stable and met other guidelines of sales. If it's a house, lenders treat it the same way as a resale so you should have problems. If you are looking for a construction loan, that is still harder than it used to be. Good luck
0 votes Thank Flag Link Mon Jan 31, 2011
Leigh,

We have a few programs that might work well for you. Do you need funds to purchase the land and build or just to build? We have something that can go up to 80% loan to value of the construction price, please feel free to contact me. Good luck.

Best regards,

Stan Bril
Branch Manager
GFI Mortgage Bankers, INC.
275 East Street Road, Suite 4
Feasterville Trevose, PA 19053
Office 267.988.4013
Toll Free 877.409.3377
Fax 215.689.0957
Cell 215.681.2444
http://www.BestDirectLender.com
0 votes Thank Flag Link Wed Jan 12, 2011
As stated already, new construction financing is still available, it's just harder to find and harder to qualify for. In general, your best sources will either be smaller, local banks (that know Philadelphia well) or private financiers.

I have a few contacts for you if you still need help. Feel free to call/email if you need more information.

Best of luck, Leigh.

Regards,
Tim

Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
http://www.phillyurbanliving.com

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
0 votes Thank Flag Link Thu Dec 9, 2010
New contruction is going on all over the city. Many of the projects are selling fast
Web Reference: http://www.phillyreo,cm
0 votes Thank Flag Link Wed Dec 8, 2010
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