“Construction Mortgages, Love them!”
As you well know, we have been building homes for many years. I remember you telling me that your company does construction loans and I remember thinking, how can this guy do construction loans better than my bank. How wrong I was, not too old to learn.
It is so hard to believe that you got the loan done in 3 weeks, I was pleasantly surprised. The last construction loan I did with my bank took me nearly two months and I almost lost the buyer.
I will continue to send you all the buyers that need a mortgage, as I will with this new one.
Get me some more business cards so that I can pass them out to other builders.
For many years I have offered construction mortgages. One of the niches is a mortgage for individuals that want to be their own general contractor. I am not talking about someone that doesn’t have a clue, but someone who has some knowledge of construction.
I just did a mortgage for a homeowner that already owned their building lot. They had gotten a price to build the home that they wanted to. The bid was $250,000. They were looking for a lender that would allow them to be their own GC. They put their own bids together, which was under $200,000. I got them a $200,000 mortgage and they finished the home for $190,000 at which point got them their end loan for the $190,000. This paid off the construction loan. They saved $60,000 in the process, not bad!
This email was from a builder who has been sending me clients each time he sells one of his homes. I like working with him as the clients are always happy with the finished product. Up until the loan I just closed for him he was working with “HIS” bank for his construction loans until they started giving him a hard time.
“WHO ELSE DO YOU KNOW THAT NEEDS MY HELP?”
Image courtesy of adamr/freedigitalphotos.net
