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Therese's Forum Posts: 1
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By Therese in Flagstaff, AZ on 2/28/2006


Hello, we're new here, from Flagstaff. Does anyone know of any local banks that will finance a construction loan for owner-builders in the area? We have our plans mostly done, ready to submit to the county, and now we're looking for financing. Thank you! 

Therese

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By Claudia in Glendale, AZ on 2/28/2006


Look up M&I Bank. I believe it is posted somewhere on this forum. I have heard they are great.
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By Dale in Richland, AZ on 3/1/2006


Washington Federal will if you have some experience. Local banks tend to be easier to deal with than places like Chase or Wells Fargo. But I know WF will do O-B loans if you are persuasive and the loan officer believes you can do it and recommends accordingly.

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By Michael in Cave Creek, AZ on 3/2/2006


National Bank of Arizona will do O-B loans for people with some building experience. Their construction loan office is off of 24th Street in Phoenix.
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By Anita in St. Anne, IL on 5/31/2006


Had you considered a 'construction' loan based on "future value" of the completed home? Not all banks have them! Good to ask for that type of loan as it is less costly than construction to perm or construction loans.

We are going to start building late this year in AZ and are 'bringing' our financing from out of state through a nationwide bank that does this. Good to get to know a personal banker involved in the type of 'mortgage' including 'construction' of future value type of financing. I first learned about this type of loan through one of the construction magazines we subscribe to; read an article and talked to our bank.

Check it out, it will SAVE you quite a bit.

AZA (Anita)


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By Chad in Mesa, AZ on 1/12/2007


Therese, you probably have already found a lender, but others might benefit.

I just got approved for a loan with Choice Bank. They are really easy to work with, and have no problem with owner-builders. I think the rate and the package is good, and so far they have been much easier to work with than National Bank of Arizona, who did my last construction loan.


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By Kelly in Catalina, AZ on 1/31/2007


Chad, what were the significant differences between Choice and National Bank of AZ? I have been pre-approved with National of AZ.

Thanks,

Kelly
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By Dale in Richland, AZ on 1/31/2007


I have been informed by O-Bs that M&I is a good source for construction money. Washington Federal is also, but they are pulling back on non-experienced or possible spec projects. Then there are the big % companies that cater to small home projects, if your credit is hurting and can afford 14% the money is available for any home project.

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By RogerC in Phoenix, AZ on 11/18/2008


I was just wondering if anyone has had any experience with this lender: Cash Value Home Alliance


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By Robert in Chandler, AZ on 12/2/2008


Roger,

I caught your request for information about Cash Value Home Alliance (CVHA). So here is the information complete with my warning to be careful of possibly aiding and abetting unlicensed lending and construction activity here in Arizona.

Despite what their site purports, they do not offer lending capability nor are they builders. They are unlicensed consultants. You will not find any licensing under CVHA under either the Arizona Department of Financial Institutions nor the Registrar of Contractors.

However, from my conversation (my independent verification too) with Cory May, Bob Cash's qualifying builder partner, he is supposedly a loan officer with a new though licensed AZ brokerage company called Community First  Financial and as of March of this year partnered with Cory to form U Assist Builders LLC, a licensed contractor. 

I also emailed Bob Cash who responded to my email as to why I was investigating him. I replied and have not heard back from him.

The bottom line is CVHA does not appear to be licensed here in Arizona. Despite what does appear to be legitimate licensing with/under the other entities described, one cannot hold themselves out offering lending and/or construction services under a name and that is not duly licensed here in Arizona.

azroc.gov/clsc/AZROCLicenseQuery

azdfi.gov/Lists/Lists.htm

So there you have it!

BTW, I am owner/broker of Capital Plus Financial, LLC here in Chandler, AZ.

 


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By RogerC in Phoenix, AZ on 12/2/2008


Thanks for the tips and the links, Robert.  The license would certainly be a requirement for me to use them.  I appreciate your input.


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By Robert in Chandler, AZ on 12/2/2008


Roger glad I could help. 

I should have added that while I do not have any direct experience with Cory, he was very amicable and straightforward with his responses.

So don't hesitate to contact him.

Robert


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By Steve in Anthem, AZ on 12/3/2008


I think you will find financing for owner-builders is very hard to find. All financing is much more conservative than it was a year ago. When I talked to Bob at Cash Value he said that he had partnered with a general contractor for that very reason. I think that you will need a licensed general contractor to get a construction loan. If you can find any one or any bank to loan to owner builders, please let me know.

 I know there are companies like Cash Value that offer help in the way of scheduling, reliable sub contractors, limited on site supervision and financing. Maybe they have a relationship with a particular lender that feels comfortable with their abilities to complete the project. Remember the owner-builder pays the bills and they might fall short of finishing on budget (lien free) with all the bills paid. The bank has much greater risk if they don't have a licensed and bonded contractor that they can hold to a contract.


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By Robert in Chandler, AZ on 12/3/2008


Steve,

You did not say what your credentials are, but know that construction for owner-builders is readily available.  However, it is no longer (nor any other financing) available for those non-licensed players that ran under the radar for years here in Arizona and it appears Bob Cash may fit that criteria.

As to him or others, partnering with a GC has nothing to do with it.

I am not trying to sound brash, but the reason those like me continue to survive and indeed thrive in these conditions is because we have the expertise and legal standing to get deals done. We have weathered the up and downs of the financing world for decades and know what it takes.

If you need financing, I suggest you contact someone with multi decades of experience and you will either get your financing or be told promptly what your shortfalls are that precludes you from obtaining it.


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By L in Tucson, AZ on 3/6/2010


As to Cash Value Home Alliance, I wish I would have known to steer clear.
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By Robert in Chandler, AZ on 3/8/2010


Hi, L:

I wrote in 2008 about this outfit and warned everyone to be very careful. Too bad you missed my post and I trust you didn't get hurt too bad.

Kind regards,

Robert


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