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Posted by Adam in Southport, NC on 10/27/2009 4:20:44 PM

So, it is October 27th, 2009. Me and Ang have been waiting for this moment for quite some time. The bank called today and said that we are closing on our construction loan this Friday (October 30, 2009). We are excited and nervous. This has been a long time coming, as we had title issues when selling our last home which drew the process out for nearly 6 months. Now that is behind us and we are going to start building a home, FINALLY!!!!!

I have called our GC who is going to be helping us along the way. We hope to have a permit by Monday November 2. If that is the case, our lot clearing should start next week weather permitting....

More to come as it comes.....

Adam

Posted by RogerC in Phoenix, AZ on 10/28/2009

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10/28/2009
Congratulations Adam and Ang! You must be thrilled to finally feel like it's going to happen.  I'm looking forward to seeing your project progress.   

If you don't mind my asking, what bank are you using? Is it a national bank? I'm almost ready to take my plan to the bank, but I can't find any in this area that are currently even interested in discussing loans. The two banks I've done real estate projects with in the past, M&I and Countrywide (now BofA), are not providing construction loans at all. 
Posted by Adam in Southport, NC on 10/30/2009

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10/30/2009
Thanks Roger :)

We are using First Citizens Bank. I hate to say it, but I think we just scraped by with this loan. We actually had to make a compromise regarding the terms, as halfway through the process, they stopped offering the product we were shopping; a construction to perm, single closing loan at 90% LTV. They honored our rate lock for the conversion, but we will have to reappraise at completion, and resubmit our employment docs. Not normal procedure for this type of loan, but it was that or lose our rate lock and be faced with an ARM.

The loan itself was the best we could find, as they are(were) the only bank offering 90% LTV financing in this area. We used our lot as the down payment and so we only had to come up with closing costs in cash. They did require a GC and a contract to finance us, though. We hired a GC who is being paid a flat monthly rate to help us along the way.

Hope this helps. Good luck in your search for financing, it is a TOUGH situation right now for it.

Adam
Posted by RogerC in Phoenix, AZ on 11/2/2009

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11/2/2009
...and it's looking tougher by the day.  My future neighbors across the road spent the last year developing their project and recently met with their GC (they intend to owner-build with limited GC oversight) to set a start date; only to be informed by their bank last week that the bank will not be providing construction loans anymore... their deal is off.  :(

It looks like First Citizens doesn't do business in Arizona, but thanks for the reply.  I'll keep lookin'...   ;)   

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