I am looking for a 600K construction (land construction loan) How do I go about this?

Asked by Vayakti, 98033 Thu Feb 23, 2012

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Jessica Bate…, Agent, Beverly Hills, CA
Mon Jul 15, 2013
I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network
2 votes
Karen Mcknig…, Agent, Kirkland, WA
Wed Feb 29, 2012
Hi Vayakti,

It sounds as if you want to buy the land and then build a house on it. There are such types of loans available. It sounds as if you want an all in one loan package: part to purchase the land, then the construciton loan and the final mortgage.

I can refer you to some great lenders who do these kinds of loans. You can contact me at http://www.karenmcknight.com .

Warm regards,
Web Reference:  http://www.karenmcknight.com
1 vote

I'm here in Seattle as well and Karen is a GREAT broker. If you need help, her network is extensive and in my eyes, she is the woman to help you find the best fit for you.

-Billy O'Sullivan
Flag Sun Jul 21, 2013
georgedickso…, Home Buyer, Orlando, FL
Sat Mar 9, 2013
This is to Notify you that Mr George Dickson is Currently offering
Loan to the needy at a low rate 0f 4% if you are interested contact
Your Name _____________________
Your Address:____________________
Your Country:____________________
Your Occupation:__________________
Loan Amount Needed:______________
Loan Duration:____________________
Monthly Income:__________________
Cell phone Number:________________

Mr George Dickson
0 votes
Microwireloa…, Home Buyer, New York, NY
Fri Feb 15, 2013
do you need a loan? if you yes contact mr john parker at microwireloanfirm@@hotmail.com for more details,thank you.
0 votes
1234567, , China Grove, TX
Tue Jul 17, 2012
This Chinese Loan company funded my company construction project you can send them your project plan if acknowledge and your company qualify for such loan you would be reply, you can look to their web- http://www.mozfin.com
0 votes
1234567, , China Grove, TX
Tue Jul 17, 2012
This Chinese Loan company funded my company construction project you can send them your project plan if acknowledge and your company qualify for such loan you would be reply, you can look to their web- http://www.mozfin.com
0 votes
John Conklin…, , Scottsdale, AZ
Fri Feb 24, 2012

If you are looking for a construction loan I may be able to help you with that. I would need to know more details, feel free to contact me to see if we can get you qualified.

At Your Service,
0 votes
Michelle Spo…, Agent, Bellevue, WA
Thu Feb 23, 2012
Hi, Vayakti. If you are looking to build a custom home and don't yet own the land, you can tie up the property with on an option or purchase contract, then working with a builder to develop plans and specifications for the home to submit to the city, obtain a permit, and then finance the home with a construction loan. A land loan can be pricey. Another option is to use a fee builder who can finance the purchase of the lot and construction for you. This option is more like a traditional home loan, except that you work with the builder and architect to develop the plans and specifications for your home that get attached to the purchase contract. This is generally the easier way to go with less fees involved, but there are only a handful of fee builders out there that are financeable. Make sure your real estate agent is experiencde with new construction and works with builders to give you prudent guidance.
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Feb 23, 2012
If you must ask how to do this it is probably something you shouldn’t do, not being flippant, just sharing my experience. I have closed thousands of end loans on new construction most were build to suit. Can count on one hand the number that were single-close or owner originated construction loans. The first problem is this implies you are building your own home, who is responsible if something goes wrong during the construction phase? Do you sue yourself?

It isn’t impossible, and considering the size of the loan most LO’s will be interested in the end loan. But it isn’t as easy as you may think if you have not done it before. If you have built several homes as a contractor then ignore me, if not do some research. Seek out others that have done this and get their input. Also know that the end loan requires cost certification because there is no sale price when you build it yourself.

Now, if you are using a builder and they can’t get a construction loan, that may or may not be a signal that they are not the right builder to be doing this for you. Not saying it is a deal breaker, just requires a little more research. I have seen it all, where new construction is concerned, if my comments raise more questions for you my profile contains my phone number. I am not soliciting your business, not even licensed in your area so all you can get from me is general answers about how the business works and pitfalls to avoid. Good luck,
0 votes
Jirius Isaac, Agent, Kenmore, WA
Thu Feb 23, 2012
I would be happy to help you with that. There are only a couple of lenders in the area that do construction loans that I work with. To get started, I would need to discuss with you the details of your particular situation & then we can work on how to make it happen. I lived in Shoreline for 8 years & now live in Kenmore, so am very familiar with the area. As a loan originator & a real estate broker, I understand the entire process. Please give me a call at your earliest convenience at 206-841-9976.

I look forward to hearing from you, Jirius George Isaac
Web Reference:  http://www.metromgi.com
0 votes
Carl Henker, , 95928
Thu Feb 23, 2012
Do you own the property and have your plans drawn up and contractor lined up? Those are some of the first steps needed before obtaining a loan. Start by contacting some local regional banks in your area to see if any are offering construction loans and what terms they offer. Expect to have between a 30% and 40% equity position into the project. If the land is free and clear that may be enough equity other wise additional cash may be required.
0 votes
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