“Giving and Receiving”
Not sure why this institution doesn’t have a mortgage solution? After speaking to Mark, it is all going to be pretty simple.
Mark had put his son’s name on title when the land was purchased. The home is being built on his property, which means upon completion we will be doing a refinance.
Mark told me that the bank wanted to have his son come up with a down payment, which is where the challenge was. Since the son has owned the land for a couple of years, NO down payment would be required.
I spoke to the son, handled credit and income and all is good. I set up an appointment to get the mortgage application completed so that we will be ready to close in June, when the construction will be complete.
This family planned very well to help their son get into his first home. Now it is my job to make the rest of this happen.
Please reach out to Mark, our bank does not have a solution for him. He is building a home for his son in Southern Connecticut – I believe in Old Lyme. He is doing all the work himself and construction is nearly complete. He is financing the project himself, I believe through a HELOC that he took out on his own home and some liquid funds as well. As soon as the construction is complete, he wants his son to get a mortgage and pay back his home equity line. I originally suggested a construction loan but he had a bad experience with one in the past – he felt he paid a lot extra for inspections etc. I mentioned you and your expertise and he was very interested in hearing any options you might have. At the very least it will be a mortgage once the house is completed. His cell phone is 860-XXX XXXX.
Also, Matt XXXXXXXXX is coming in to do his construction loan application next week, thank you for the referral.
Lunch is on me when you get back from California.
Image courtesy of Phanlop/freedigitalphotos.net
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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
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.
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