Archive for the ‘Construction Loans’ Category
Trusted source of construction loans
Construction loans were the first casualty of the credit market meltdown. Mortgage lenders regard construction loans as the highest risk category since the appraised value is based on the future value of a property that has not been built yet, and that in a down market is a very unpredictable number.
For years www.constructionloancenter.com has acted as the trusted source of construction loans and yet recently our visitors were disappointed when they couldn’t find a construction lender in their state as most every one of them had disappeared since the collapse of the credit markets.
Back in April of 2009 some lenders started venturing into the mark and we were able to provide lenders in some 22 states, including a lender originating and funding Texas Construction Loans for ground up construction.
Some three weeks ago a new lender joined the line up originating construction loans in six western states including but not limited to the all important California construction loans market where almost all construction lenders had disappeared.
The credit market crisis is far from over and most construction loans offered today have far more stringent guidelines than before. For instance the state income versions of construction loans are all but gone, appraisal requirements are tough and income and reserve requirements tightened up. In other words the project better make a lot of sense.
Posted in