Has anyone worked with Randolph Brooks Federal Credit Union on a construction loan? They're offering a 2.875% 30 year fixed one time close product which sounds fantastic. Curious if anyone has any personal experience with them and if its been positive or negative.

Thanks!

Using them right now. 2 months into my build. I don't have any issues with them so far.

Haven't used them on a construction loan but closed on a land loan early last year. No complaints about the process and they seemed to have all their stuff together. I'll be curious about the responses to this thread because I'll be in the position of looking for a construction loan in the near future.

Anyone have a contact name? Interested as well as we have construction starting soon and locking in would be of high interest.

We set up an account with them but haven't used it. They have great rates on investment property loans. I think it was maybe Scrap on here that has used them.

They handle everything in the call center and your loan is assigned to a processor when received so I don't really have a name of someone. I was refinancing my current home and had that processor move the land loan along for me but that wasn't something she normally handled. Her name was Juliet Mendoza and she was very responsive and was better than other processors I've dealt with. You could ask for her but don't think she'll be able to help with a construction loan. Everyone I spoke with there was very helpful and responsive so I don't think you'll go wrong by just calling the main number and getting routed to someone.

Thanks I did end up calling like you outlined.

They told me some further details:
- 12 months to build
- Interest only while building
- 7-12 weeks from application to closing; this will probably deter me since I don't want to wait up to 3 months to get going
- Closing costs average from $8k - $15k; this seems really high

They also overestimated on our closing costs for both the refi and the lot loan. They were estimating 180 days of interest for some reason and I don't think their initial estimates go through much vetting. Best bet is to get them to break it down for you if they haven't already and call back if something doesn't make sense. Both loans that I closed with them had reasonable closing costs although I went with my preferred title company on the refi.

Good friend of mine and fellow Ag is a mortgage lender with First United and I know they have some really good construction loan options.

Tyler Speakman
Tyler.Speakman@firstunitedbank.com
+1 (469) 615-5546

BrianDemarais said:

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Good friend of mine and fellow Ag is a mortgage lender with First United and I know they have some really good construction loan options.

Tyler Speakman
Tyler.Speakman@firstunitedbank.com
+1 (469) 615-5546

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Brian,

Thanks for the heads up. I was actually referred to someone in Houston with First United and got a great quote from them on Friday morning. Good to hear there are local Ags that could help me out as well. I may have to hit Tyler up.

Thanks again!

Boat Shoes said:

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BrianDemarais said:

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Good friend of mine and fellow Ag is a mortgage lender with First United and I know they have some really good construction loan options.

Tyler Speakman
Tyler.Speakman@firstunitedbank.com
+1 (469) 615-5546

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Brian,

Thanks for the heads up. I was actually referred to someone in Houston with First United and got a great quote from them on Friday morning. Good to hear there are local Ags that could help me out as well. I may have to hit Tyler up.

Thanks again!

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Curious if you've had any luck finding lenders who don't require a full 20% down or 20% equity for a construction loan?

Three Twenties and A Ten said:

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Boat Shoes said:

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BrianDemarais said:

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Good friend of mine and fellow Ag is a mortgage lender with First United and I know they have some really good construction loan options.

Tyler Speakman
Tyler.Speakman@firstunitedbank.com
+1 (469) 615-5546

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Brian,

Thanks for the heads up. I was actually referred to someone in Houston with First United and got a great quote from them on Friday morning. Good to hear there are local Ags that could help me out as well. I may have to hit Tyler up.

Thanks again!

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Curious if you've had any luck finding lenders who don't require a full 20% down or 20% equity for a construction loan?

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First United offered a 15% or 20% down payment option. The 15% down option came with a slightly higher interest rate.

RBFCU has this listed below their rate, "Rates listed are based on 80% loan to value. Financing available up to 90% loan to value subject to rate adjustments and additional qualifications." I didnt ask as we were planning on 20% down from the get go.

I inquired and it was 30 basis points higher if you wanted to put down 10% at Rbfcu. Not super crazy if you aren't financing a ton over a long term and want to hold on to some cash.

Thanks so much for the feedback...really appreciate you taking the time to respond!

Great to hear! Wasn't aware of banks offering this option. Really appreciate you taking time to respond!

I've talked to a few more banks today about interim construction loans...

Community National Bank of Texas requires 15% down
Grandview bank (if you are in SW Fort Worth) does 10-15% down

That's impressive haha.

You would think the bot could at least tell time

unmade bed said:

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You would think the bot could at least tell time

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What am I missing here?

Post got deleted. A post showed up from new user 9 months later pimping some payday lender as being a good source for quick money. It was posted at like 8:30am but said "good afternoon."

unmade bed said:

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Post got deleted. A post showed up from new user 9 months later pimping some payday lender as being a good source for quick money. It was posted at like 8:30am but said "good afternoon."

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Ah, makes way more sense now!