“Client Wants to Build their own Home”
I have been doing construction loans for clients for a long time. From
time to time I get a request from a client wanting to build their own
home even though they are not a licensed contractor, but have some
experience. This client did all the renovations in their current home
over the last 10 years.
The client already owned the land. He and his wife decided on the plans for
the home they wanted to build, then went to work getting all the
necessary bids and finally a building permit.
Fortunately I have a lender that will allow someone to build their own home as long
as they own the land, a perfect fit. They usually require us to do a
pre-qualification for the end loan, but since we have done a number of
transactions with them that was not a requirement.
Joe,
I hope all is well. I wanted to bring you up to date with regard to the status of returning
the commitment letter to XXXXXXXX. Carol and I will be signing and
returning the letter tomorrow, via overnight letter. These
folks were a delight to work with as you said they would be. We are so
thankful for all your help. At what point do we start the application
for the end loan?
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