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Updated about 2 years ago,
Banks not doing anymore construction loans
I am a developer/builder. I am doing a spec 20k sf warehouse in Nashville. The bank that I have used for many years has stopped doing all construction loans. Told me that their construction bucket is full. Kind of a bummer since they ordered an appraisal that has already been completed. Now I am stuck without a loan, an appraisal that may not be accepted by another lender, and I am about to get full building permit and finished with grading permit. I am wondering if anyone else is experiencing this problem.
I love how banks say its all about the relationship, but then leave you when you really need them.