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I am looking for Construction Loan Companies, namely - Fortis Financial Group?
November 27th, 2008 | Renting & Real Estate | No comments
Irish eyes asked:
There is also another company….Bridge something, I have not been told what the full name is.
There is also another company….Bridge something, I have not been told what the full name is.
What are the step for a small construction company to offer clients direct financing?
November 27th, 2008 | Small Business | No comments
Mrs. D asked:
Most of my clients always apply for credit through major credit card companies or take out loans from their home. I want to be able to offer a one stop shop for my customers, but I don’t know what to do. What banks offer this?
do you think we qualify for a construction loan, credit score wise? Please help?
November 25th, 2008 | Credit | No comments
jessicagraeler asked:
My husband and I have credit scores of 560 & 580 currently but we have a best buy credit card that shows that we have not made a payment in 9 months on our credit. I have talked to Best buy and they are in the process of fixing it because we had made every payment on time. Once (if) that is ever fixed then our credit should go up. We have 2 credit cards and have a good payment history with them. We currently have a home mortgage and within the last 3 years that we have had the home we have been late 3 times, several months apart. We also have a car loan with a good payment history as well. We make about $70,000.00 a year combined and we have our home loan of $115,000.00 and car of $15,000.00 and two credit cards with a combined balance of $3,000.00. I am currently building my own benefits company from home and I am making a good income on the side of my 40 hr job so that income is not included in the $70,000.00 a year yet.
My husband and I have credit scores of 560 & 580 currently but we have a best buy credit card that shows that we have not made a payment in 9 months on our credit. I have talked to Best buy and they are in the process of fixing it because we had made every payment on time. Once (if) that is ever fixed then our credit should go up. We have 2 credit cards and have a good payment history with them. We currently have a home mortgage and within the last 3 years that we have had the home we have been late 3 times, several months apart. We also have a car loan with a good payment history as well. We make about $70,000.00 a year combined and we have our home loan of $115,000.00 and car of $15,000.00 and two credit cards with a combined balance of $3,000.00. I am currently building my own benefits company from home and I am making a good income on the side of my 40 hr job so that income is not included in the $70,000.00 a year yet.
When we purchased our home three years ago, we had zero credit. The mortgage company supplemented our credit so we could get a home, so within the last three years is where our credit is coming from. With that being said, we don’t have a very long history of credit and our scores are not very high. We are looking to build a home within the next two years, we would LOVE to have it build in the Spring/Summer of 09 but we don’t know if this is feasible and we don’t want to get our hopes up.
We are not expecting a large profit out of our home. We have a great started home in a good location. We are going to be building a 2000 sq ft home on 5 acres. The land is my mother in laws and she has 15 acres and we are getting 5 of them. We have paid her for the land but have not transferred the deed yet as we need to get it surveyed. The land where we are going to build is selling for anywhere from 20-25K an acre, so clearly we have equity in the land.
So my questions are this: Do you think we would qualify for a construction loan?
If not, how can we improve our credit quickly besides making more and extra payments on our monthly bills?
What credit score do you think that banks are looking for with a construction loan?
THANKS IN ADVANCE!!
Jessica
What’s the best way to find investors for a small construction company?
November 21st, 2008 | Investing | 1 comment
builder565 asked:
I am looking for investors to help grow my construction company. I build high end luxury homes and would like to expand my company with more sales and management. Does anybody know of the best place to find these investors? And don’t tell me a bank because there is a misunderstanding out there that banks loan money….lol
I am looking for investors to help grow my construction company. I build high end luxury homes and would like to expand my company with more sales and management. Does anybody know of the best place to find these investors? And don’t tell me a bank because there is a misunderstanding out there that banks loan money….lol
Stated income construction loan?
November 21st, 2008 | Renting & Real Estate | 2 commentsjosh R asked:
Anyone know of banks doing stated income construction loans/lines in Texas. Looking to build my new house in a development and need funding. Started a new company and cant rely on old tax returns with the new loan crunch. My credit is about 680. Im basically looking for a loan that I could receive after I show that not only can I put money down that i would have the ability to show 100-150k easily set away for the project with 10% down. I need funding for about 300k. I have tried to contact a few banks but none of them do stated income anymore. Please advise if you know of anyone still doing that type of loan.
Anyone know of banks doing stated income construction loans/lines in Texas. Looking to build my new house in a development and need funding. Started a new company and cant rely on old tax returns with the new loan crunch. My credit is about 680. Im basically looking for a loan that I could receive after I show that not only can I put money down that i would have the ability to show 100-150k easily set away for the project with 10% down. I need funding for about 300k. I have tried to contact a few banks but none of them do stated income anymore. Please advise if you know of anyone still doing that type of loan.