From $9.95


Total: 32,938
Visited Last 30 days: 194
Forum Messages
Total: 20,968
Last 30 days: 7
Forum Evaluations
Total: 24,160
Last 30 days: 0
Journal Entries
Total: 5,402
Last 30 days: 9
Total: 15,247
Last 30 days: 4
Total: 87,258


Tenants-Right-When-S... Maryland, MD
620 Visits | 6 Posts | 4 Pix | 0 Videos
getpestcontrol Delhi, AL
47 Visits | 2 Posts | 1 Pix | 0 Videos
20 Visits | 1 Posts | 2 Pix | 0 Videos
furnacerepairon St Catharines, AL
43 Visits | 1 Posts | 9 Pix | 0 Videos
furnacemkm Markham, AL
41 Visits | 1 Posts | 7 Pix | 0 Videos
vallejocleaningservi... Vallejo , CA
41 Visits | 1 Posts | 1 Pix | 0 Videos
noithattrieugia tphcm, AL
61 Visits | 1 Posts | 0 Pix | 0 Videos
126 Visits | 1 Posts | 0 Pix | 0 Videos
Packers-and-Movers Delhi, AL
397 Visits | 2 Posts | 1 Pix | 0 Videos
Best-Access-Doors Jackson, AL
176 Visits | 1 Posts | 0 Pix | 0 Videos
241 Visits | 2 Posts | 0 Pix | 0 Videos
bird Springfield, MO
173 Visits | 1 Posts | 0 Pix | 0 Videos
Tanglewood Colorado Springs, CO
120,488 Visits | 1,004 Posts | 2,581 Pix | 47 Videos
251 Visits | 1 Posts | 0 Pix | 0 Videos
292 Visits | 1 Posts | 0 Pix | 0 Videos
Magic-Of-The-SideSto... San Carlos, CA
628 Visits | 2 Posts | 2 Pix | 0 Videos
httpswwwfaxitfastcom... salt lake city, AL
256 Visits | 1 Posts | 0 Pix | 0 Videos
Owning-My-First-Prop... Grand Rapids, MI
378 Visits | 1 Posts | 0 Pix | 0 Videos
movers-and-packers Hyderabad, AL
372 Visits | 1 Posts | 1 Pix | 0 Videos
Investment-Propertie... Rochester, MN
422 Visits | 1 Posts | 0 Pix | 0 Videos
See all journals...

Current Top-Rated Posters

Lance in Buena Vista, CO0.002

T.G. we accidentally found this website - or I'd be in a Garage Mahal with a larger house payment and still hate my house.
Netie in Salt Lake City, Utah

Try one of our new Construction Bargain Strategies for free. Coupon code: CBS. One strategy could save you $1,000 or $10,000 or maybe $50,000 when you build or remodel.
25,000 pages of free owner-builder resources.  We accept no ads.

CTP Loans

Filter by date: and/or Keyword

Reply... Subscribe to this topic

Glenn's Forum Posts: 10

Private Message

Randomly Selected Image

Login to Vote

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,



DCG's Forum Posts: 159

Private Message

Randomly Selected Image

Login to Vote

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


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. 



Glenn's Forum Posts: 10

Private Message

Randomly Selected Image

Login to Vote

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.



George's Forum Posts: 3

Private Message

Randomly Selected Image

Login to Vote

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,


Reply... Subscribe to this topic

Copyright 1997-2020 Consensus Group Inc.