Construction Loan

Hi all, I am wondering if anybody can offer any advice in regards to obtaining a construction loan and the drawbacks this type of loan may have. We really do not have the funds to pay for the renovations of our newly purchased home but it’s it pretty rough shape and are concerned we cannot take out a regular mortage on the home because of that. Any advice would be greatly appreciated. M

murlsquirrel

in Construction 10 years and 8 months ago

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nrg3 | 10 years and 5 months ago

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If you are still in need of construction or renovation financing, I will recommend Glen Edmonds at TD Bank, they have an awesome loan product and this loan officer got us our loan to convert a SRO in Harlem in less that 35 days. The loan officer explained that they lend up to $3MM of the future value for 1-4family dwelling primary residence. Glen’s contact information is glen.edmonds@td.com and his cell number is 718.942.1100; I was referred to him be another individual who obtain her financing from him and is currently building a 4 family house in East Williamsburg.

murlsquirrel | 10 years and 8 months ago

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@CTG and by the way – we of course DID think of this before we sold and have been working on it for months – not going to get into the details as to why this has not materialized yet – but we are not that stupid thanks for your helpful comment.

murlsquirrel | 10 years and 8 months ago

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Thanks everyone for the great advice. The house is somewhat liveable the only glaring major problem is the giant patches of ceiling on the top floor that have fallen off cause of a leaking roof – this is why we fear what the loan process may bring. I think we are coming closer to figuring out what our solution is, will check back to see if anybody has any further thoughts.

resident2 | 10 years and 8 months ago

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If you do not already have a mortgage on the house, so long as there are no recorded violations, the house is livable; meaning there are no glaring leaks from either outside elements or plumbing etc, the kitchens and bathrooms have working fixtures and the heat & hot water works. And it looks like you are living there; get your mail there etc. So long as you are not looking for no more then 65-70% of appraised value I would think you can get a conventional mortgage. 203K’s have too many side effects. PMI & contractors dictates etc. A “construction loan” could be a personal loan, but probably will not give you enough to complete the renovation or it gets to being almost like a commercial loan and again comes with contractors draws etc. And any Bank offering such a loan will give you a long run around, if you do not have a “Private Banking relations ship with your bank, in which case you would not be here asking this question. Which is why many people end up with “Hard Money” loans. Of course the issue with them is that the interest is high but if you get your desires, contractors and plans ready and organized and knock it out quickly and refinance quickly; it can be cheaper than dealing with the other head aches. Hard money loans these days can be 12-16% you will need to transfer title to an LLC or Corporation and they will foreclose pretty quick if you do not pay your payments on time. They will generally lend 50-60 % of what they see market value being. They are typically private people lending their own money.

cate | 10 years and 8 months ago

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If you don’t already own the building, mortgage with a 203K loan, but if you do, no-permits’ advice is GREAT. Spot-on.

no-permits | 10 years and 8 months ago

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@ctg true, but the hardest part is getting your foot in the door. if they got that far, they will figure out the rest. @murlsquirrel my advice is , if you don’t already have a mortgage, is to get it to LOOK livable and refi. i’m talking about garbage used appliances, self stick tile if the floors are rough, patch and cover up holes and flaking paint. i’m talking basic and inexpensive work. i’d avoid a 203k or a construction loan because you will always be at the mercy of your contractor vs the other way around.

CTG | 10 years and 8 months ago

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These are the questions one asks themselves BEFORE purchasing, not after!?!?

jockdeboeraia | 10 years and 8 months ago

string(1) "1"
object(WP_User)#4907 (8) {
  ["data"]=>
  object(stdClass)#4903 (12) {
    ["ID"]=>
    string(5) "40876"
    ["user_login"]=>
    string(13) "jockdeboeraia"
    ["user_pass"]=>
    string(34) "$P$BTfkV3DGGseot8oNyuG6kVhsNhUD2n1"
    ["user_nicename"]=>
    string(13) "jockdeboeraia"
    ["user_email"]=>
    string(22) "jdeboer@jockdeboer.com"
    ["user_url"]=>
    string(31) "/forums/users/deboerarchitects/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:15:51"
    ["user_activation_key"]=>
    string(20) "VK4zWrfWbTPHLfSSlGZI"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "jockdeboeraia"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(40876)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

The way to go is a 203k. Almost every project I do in BK is funded that way. Good luck.