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Glenn's Forum Posts: 10

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By Glenn in Pearl, MS on 6/20/2008


Greetings all,

It has been a long time since I last posted but we finally have progress. I received the loan package from MidCountry bank (through CTP loans) and have started clearing the property.

One troubling issue which may result in completely stopping my project is a one page document included call a cross-collateralization agreement. This simply places a lien on my existing house and requires me to hand over to the bank any proceeds from the sale. This is unacceptable to me and my wife. I had planned on using the money received from the sale to pay off her car as well as any residual credit card debt we had acquired during the current remodel. There's not a lot of debt, just Home Depot but still it is very troubling. This was never ever mentioned during the application process.

Has anyone out there had similar experience??

Thanks for any thoughts,

Glenn

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By DCG in Lago Vista, TX on 6/27/2008


Glen,

That's an odd one.

What is the allowable LTV of your construction loan?  Outside of that LTV, I'd assume that you'd be able to keep available cash. 

They're essentially holding your home profit as collateral.  Can you ever pull this value out of your new construction?

One option would be to sell your house up front, prior to financing, then proceed with the construction loan putting in the required available cash.

One of the things that I'm having to watch out for -- but is similar: I can't put too much cash into construction up front.  That is, if I start building now (pre-financing) even though my costs count as equity, they won't allow me to take any of those payments out.  I could literally put $100k into the project up front, have a slight overage on something during the rest of the construction stage, and I'd have to go back to restructure financing because I've put my cash into equity. 

 


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Glenn's Forum Posts: 10

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By Glenn in Pearl, MS on 7/1/2008


Hi dcg,

I was sent a very non-professional email by the person with whom I was working who told me I was completely wrong in my analysis, but counsel said different. When I received the loan package, there were several things which threw up red flags and my wife and I decided to end our relationship with them.

I did my research on the loan program here and other sites and they seemed very good. While I certainly won't say don't do business with them, I would advocate caution. Do research and ask questions, in writing.

As far as my LTV, I was told several times since I had my land paid for free and clear that would suffice for the down payment portion. I was never informed that it would not be enough.

They were also very unhappy with me posting that my loan had been sent elsewhere. I am not in the habit of hiding things and don't like associating with those who appear to. They may not be loan brokers, but my loan was brokered in my opinion. The first question I asked was if they were a lender or broker as I did not wish to go through a broker because of potentially high fees.

Don't take my word for anything, check it out yourself. Ask an attorney what a "cross-collateralization agreement" is and what it means to have an instrument recorded on your deed.

We are going through our local bank. While the construction loan is a reimbursement type, they know us and we know them. Our house start will be delayed for a few weeks but I'm in no hurry where this much money is involved.

G

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By George in Rochester, NY on 7/2/2008


Hi Glenn,

I certainly cannot speak for your experience, but  we closed on our loan with CTP in mid May and we could not be happier. We did a lot of research and decided they were the best fit for us.  Since we started working with them, their service and professionalism have been excellent. We could not be happier.

I don't know what LTV you had or how much your land was worth, but we did our loan for 100% of the costs and it was just under 90% LTV to the appraisal's value. Maybe there is another issue that you did not mention that held your LTV back?

Also, we did not own a house going into this loan, so I am not sure about the whole cross collateral thing. My brother in law is also using CTP, so I asked him what he knew since he owns a house now and is building a new one. He did not have any kind of cross collateral either. Maybe this has to do with some specific situation of yours? I have heard that there are some different rules for doing loans in different states, etc.

Anyway, all I can say is we are very happy with our decision to use CTP and I would (and have - to my brother in law) recommended them to anyone. As you say, it is smart to ask questions and be sure of what you are doing. And, in our experience with CTP, every question we asked has been answered promptly and accurately and we have not had the slightest of problems. In fact, I would say that their service has been among the best of any financial transaction I have done.

Best of luck with your house,

George
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