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1,434 Views | 4 Replies | Last: 5 yr ago by evestor1
evestor1
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Working on a one-time close right now and my broker told me that if I dont like the construction bank that we are able to change.


I have 100k in land equity according to March 2019 appraisal (owned land for 11 years.) the construction lender has decided that equity cannot be used ... two weeks ago she was speaking differently.


So now I am being required to put up an equivallent of 31% rather than 20% as a downpayment and this upsets me.


Anyone construction lenders want to talk? I already have half the deal done...and now I need quick help.

evestor1@gmail.com


jja79
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AG
I don't think whomever you're working with understands one-time close. The site is part of the security and any equity in such is part of the loan to value equation. I sent you an email.
evestor1
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Email did not come through. I dont understand one-time close so any help is appreciated.

For the record - I have used this broker and recommended her several times. Always good results.
jja79
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AG
Email resent.
BoDog
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AG
Welcome to the world of perhaps the dumbest ****ing people in all of world. Construction lenders!
evestor1
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I feel for construction lenders...lots of bad deals out there.

My personal belief is that I am a good one...just looking for someone to agree!
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