“Construction Mortgages, Love them!”

    “Construction Mortgages, Love them!”



As you well know, we have been building homes for many years. I remember you telling me that your company does construction loans and I remember thinking, how can this guy do construction loans better than my bank. How wrong I was, not too old to learn.

It is so hard to believe that you got the loan done in 3 weeks, I was pleasantly surprised. The last construction loan I did with my bank took me nearly two months and I almost lost the buyer.

I will continue to send you all the buyers that need a mortgage, as I will with this new one.

Get me some more business cards so that I can pass them out to other builders.


For many years I have offered construction mortgages. One of the niches is a mortgage for individuals that want to be their own general contractor. I am not talking about someone that doesn’t have a clue, but someone who has some knowledge of construction.


I just did a mortgage for a homeowner that already owned their building lot. They had gotten a price to build the home that they wanted to. The bid was $250,000. They were looking for a lender that would allow them to be their own GC. They put their own bids together, which was under $200,000. I got them a $200,000 mortgage and they finished the home for $190,000 at which point got them their end loan for the $190,000. This paid off the construction loan. They saved $60,000 in the process, not bad!


This email was from a builder who has been sending me clients each time he sells one of his homes. I like working with him as the clients are always happy with the finished product. Up until the loan I just closed for him he was working with “HIS” bank for his construction loans until they started giving him a hard time.




Image courtesy of adamr/freedigitalphotos.net

Subscribe to my blog via Email:


Enter your email address:

Delivered by FeedBurner


Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 4 commentsJoe Petrowsky • November 28 2017 07:25PM
“Construction Mortgages, Love them! ”
“Construction Mortgages, Love them! ” As you well know, we have been building homes for many years. I remember you telling me that your company does construction loans and I remember thinking, how can this guy do construction loans better… more
“How about a little Trivia? ”
“How about a little Trivia? ” Al Capone's business card said he was a used furniture dealer. Almonds are a member of the peach family. Babies are born without kneecaps. They don't appear until the child reaches 2 to 6 years of age. "Dreamt… more
“Mortgage Licenses in Multiple States bring Lots of Opportunities”
“Mortgage Licenses in Multiple States bring Lots of Opportunities” Good afternoon Joe, I hope all is well with you, I’m pretty sure it is! I have a client in White Plains who will be looking to purchase a home soon but may have… more
“Is a Mortgage Considered a Medieval Experience? ”
“Is a Mortgage Considered a Medieval Experience? ” Dear Joe: Thanks for the reassurance as we move forward on the refinance transaction. The mortgage application was a medieval experience for us. I have been in the mortgage business a long time… more
“Understanding Your Credit Cards”
“Understanding Your Credit Cards” Hi Joe, Does my credit usage need to be below 70% or below 30% ideally? I want to do everything humanly possible to get my credit scores higher, so that when I am ready to buy a home this coming spring, I am… more
“I Have an Ideal Loan Product for this Client”
“I Have an Ideal Loan Product for this Client” Joe, I need your help. My boss has 7 residential properties. I want to refinance them and package them in a commercial loan. Right now his interest rates are too high and he has one that is an… more
“Multifamily Homes as an Investment Vehicle”
“Multifamily Homes as an Investment Vehicle” Hey Joe, Hope all is well. I just had a few questions on how to go about purchasing my next multi family? What is some stuff I’ll need to get in order? Finally is it better to try and purchase as an… more
“I Would be Worried! ”
“I Would be Worried! ” His request approved, the CNN News photographer quickly used a cell phone to call the local airport to charter a flight. He was told a twin-engine plane would be waiting for him at the airport. Arriving at the airfield,… more
“Thank GOD GPS came Along”
“Thank GOD GPS came Along” As a bagpiper, I play many gigs. Recently, I was asked by a funeral director to play at a graveside service for a homeless man. He had no family or friends, so the service was to be at a pauper's cemetery in the Nova… more
“The Explanation”
“The Explanation” The wife came home early and found her husband in their bedroom making love to a very attractive young woman. And she was somewhat upset. 'You are a disrespectful pig' she cried. 'How dare you do this to me -- a faithful wife,… more