Does anyone know of a lender who will take out the construction only loan with a commit letter from the perm lender without checking the credit again. Scores are 710 and 640 loan in mississippi ltv needed 70-80% of appr value plus land needs to be paid off with first draw cost to complete with land 795,000 appr. value 1.3 million
Any input out there?
try indymac
Im pretty sure that IndyMac will want to see an up to date credit report as will most lenders…
Most lenders I know of are doing “one time close” construction loans- they do the financing for both the build and the permanent loan. You can lock in on a loan program and rate at any time during construction and they offer a one time float down if the market is better within 60 days of closing (you can grab a lower rate). These lenders want the permanent loan too.
Indumac is an awesome Lender for that type of project.
I checked out Indymac, but they seem to do just ower occupied. I have a non owner occuppied that’s interested in a construction loan for about 270k. He’s thinking of building a modular and doing a flip once it’s done. Maybe just a bridge loan? He already has the land without a mortage so he can easily do <70% LTV.