Does anyone know of any bank or banks that are willing to do a construction loan with an LTV of 80% or more in the 2 million dollar range ?
I'm in thge process of getting ready to build our home and the few banks I've talked to either have cancelled thier contruction loan programs all together or are asking 25% to 35% down. I'm currently working with M+I and because of my credit and financials I'm at 25%. I was told this is the best you can do and that most banks are at 30 to 35% down. I was told that my credit and income is A+ and that is the reason why I'm at 25% and not 30 to 35%.
I was going to do a blanket loan on my home in Utah to grab the extra cash I need for the down payment but they will not do blankets on homes of of state so I'm in the process of pulling a home equity line to get what I need. Luckily home values in Utah are doing much better then here so I should get the money but I really don't want to put that much down if I don't have to. Any help wouldbe appreciated.
I'm in thge process of getting ready to build our home and the few banks I've talked to either have cancelled thier contruction loan programs all together or are asking 25% to 35% down. I'm currently working with M+I and because of my credit and financials I'm at 25%. I was told this is the best you can do and that most banks are at 30 to 35% down. I was told that my credit and income is A+ and that is the reason why I'm at 25% and not 30 to 35%.
I was going to do a blanket loan on my home in Utah to grab the extra cash I need for the down payment but they will not do blankets on homes of of state so I'm in the process of pulling a home equity line to get what I need. Luckily home values in Utah are doing much better then here so I should get the money but I really don't want to put that much down if I don't have to. Any help wouldbe appreciated.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
