Construction loan recommendations

[Glasszach01]

I know, not a good time to be building a house! But we have bought the property and have developed it and are living in a trailer while we build. So now it’s time to get a loan closed. Ideally I would like to work with a small bank/credit union and stay away from the big banks, but a one time close loan is appealing with the interest rates on the rise!

I am in Richmond Hill Georgia, Flathead valley to be specific. Any recommendations from you guys?

Thanks all!

 

[Roof gunner]

I know, not a good time to be building a house! But we have bought the property and have developed it and are living in a trailer while we build. So now it’s time to get a loan closed. Ideally I would like to work with a small bank/credit union and stay away from the big banks, but a one time close loan is appealing with the interest rates on the rise!

I am in Richmond Hill Georgia, Flathead valley to be specific. Any recommendations from you guys?

Thanks all!

No recomandations but just wanted to say I spent a few days there last week at my in-laws. They’re just off Harris trail. Beautiful area down there and the local 17 steak house is the best !!

 

[Love Machine]

Local credit union.

 

[Matt80]

My recommendation is the Off Topic section.

 

[whacko]

You are correct on the terrible timing.

My wife and I want to move to nh. Our current home in mass is mortgage free.......we estimate we'd be able to sell ours and get what we want in nh and only have to finance about $150k......between the interest rates and nh property tax we finally said f*** that we'll wait. We'd be able to "afford" it no problem.....just WAY less going into 401k and savings.....but after being mortgage free for so long I'm having a stroke trying to get my head wrapped around what the monthly payment will be.

 

[Coda]

I built my house 34 years ago so I am sure a lot has changed. But the main obstacle I faced was finding a bank or CU that would lend $$$ to a DIY person.

Every bank I talked with wanted a general contractor on the job. I finally found ONE that would give me a loan with no GC.

Built the house, rolled the construction loan into a bi-weekly mortgage, paid it off in 12 years. I am still in the house, they will have to carry me out of this place.

 

[Glasszach01]

No recomandations but just wanted to say I spent a few days there last week at my in-laws. They’re just off Harris trail. Beautiful area down there and the local 17 steak house is the best !

Yes, you're right
Most buildings out here look very beautiful and also it's a very calm area

 

[Glasszach01]

Hello everyone, I'm sorry for the late response
I've been very busy looking for a way to get the loan, fortunately a friend introduced me to one and we're working things out already
I really appreciate everyone concern!

 

[AFAR/PFAR]

I'm 475K into a house build(not counting land) and recently looked at a construction loan packet from one of the local banks. Tons of requirements-I'm holding off until the build is further along and maybe looking at alternate loan products.

Regardless, good luck OP. Also, unless you're originally from the north east United States, I think you might have joined the wrong regional board for specific recs. You're welcome here either way though.

 

[josephhamil]

I totally feel you. Building during these times can be a rollercoaster. When I was in a similar spot, I went with a local credit union. Their personalized touch made a big difference. Plus, a one-time close loan can be a game-changer with rates doing their thing. Check out your local options, and ask experiences professionals (like Mortgage Broker in Stockport) for advice. I hope that helps!

 

[Sparkey]

No recommendations for that area. When I built my house I acted as the GC had to get quotes ahead of time then went to local bank to get the loan. They put the money in a checking account and gave me checks I could pay contractors with they would send out a bank inspector at certain intervals to check to make sure work was done before releasing more money. I did some of the work myself so I was able to save money.