Construction Loans - Who do you use? Broker friendly?

jason4040 · Joined: 08 Jun 2005 Posts: 2

Can someone tell me where they have had success taking construction loans? I have at least 5 construction loans and am debating on the best place to take them. Any ideas would be appreciated. Thanks.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I've found our construction loan dpt works pretty well, although I am not sure if we have them setup for brokers. Give your Wells rep a call and find out.

jason4040 · Joined: 08 Jun 2005 Posts: 2

I am looking for construction loans on commercial property.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Hrmm, I'm not sure but we may still do that. I don't know if your AE would directly help you or not, but ask 'em. They may have something on the wholesale side for that.

chow · Posted: Thu Jun 09, 2005 11:19 am Post subject:

National City, Key and Bank One all take brokered commercial loans. Just call the loacl branch and ask who that area's commercial broker contact is.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

I use M&t...they have been great for not only construction but for re-habs..which are becomming very popular....now for the sub-prime side..Indy Mac has a great sub program and what i like with them is that if the deal is a bit messy you can submit it under a "snap" construction loan..you do 5 things for the file and they do all of the rest..you get paid 3/4 pt on the final loan amount for really doing nothing....

M&T will even come into your office and do training on how to do these loans with full support through it..if you want more info let me know and i can provide you our reps comtact info so you can get more information...

First horizon also offers a very similar product as M&T but they are a bit more confusing to process with them....

good luck...