Construction to Perm Loans 7 posts by 4 users

Posted: 01/31/2008 at 07:50PM

I have clients in need of Construction to Perm loans for pre-construction second homes. Is there any possible way of getting these loans funded?
One client was just turned away because the bank said they did not want any more of these types of loans.

He has pristine credit and was looking to put 25% down.

Does anyone know which, if any, banks are writing these loans?

Posted: 01/31/2008 at 10:30PM

Hmm. Never heard of them before.
Do you know if they are writing CTP loans now? Because they weren't a few months ago.

With bank guidelines changing by the hour I need to hear from someone who knows for sure who is writing these loans.

Posted: 02/01/2008 at 08:06AM

BB & T, GMAC, RBC Centura, Wells Fargo are all doing CTP loans. Now I am not sure on your particular circumstances if any of these banks have products that'll work. I do work with these banks on a very regular basis and they all offer a nice program, but I sell off frame modular homes, so again I am not sure of your circumstances. Everydeal is different but for the most part with great credit (at least over 680) and $ down, you should be able to pull a one time close which helps bring your closing cost for both loans somewhere in the 2500-4000 range of course depending on the size of your loan, so on and so forth.

Posted: 02/01/2008 at 10:09PM

I believe that they do offer them directly to the public…

But you are also right, they do not accept brokered loans anymore…

See here… www.IndyMac.com

P.S. I have not called them... But they still have it on their web site.