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December 22, 2008
construction loan in this market?
Has anyone tried to get a construction or major renovation loan since Sepetmber? It seems like a great time to get a deal on a tear-down or gut renovaiton property, and also a decent deal on construciton, and we've seem some interesting properties in South Slope and Ditmas areas. Any advice would be appreciated. Thanks!
Comments
wells fargo is about the only one doing a purchase and renovate loan. Be prepared for sticker shock on the intereste rate. It's running about about a 1.5 - 2.00 points higher than a 30 year jumbo for a 30 yr fixed.
also, sunny from countrywide said they are still doing them.
Posted by: couldashouldawoulda at December 22, 2008 5:28 PM
I got one just before September from Mortgage Family through Merrill Lynch.
Posted by: superstooper at December 23, 2008 12:45 AM
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