“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.

 

“WHO ELSE DO YOU KNOW THAT NEEDS MY HELP?”

 

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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

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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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

Comments

Getting a construction loan done is like pulling teech from the Banks and big lenders.  Glad you found someone that understands ins and outs of construction loans and help the consumers

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 21 days ago

Hey Joe just stopping by to wish you a HNY and a very prosperous one as well!

Posted by Marco Giancola, Realtor (305)608-1922, Miami Beach Florida (Beachfront Realty) 21 days ago

Good moning Joe. My first job was a loan officer in a Savings and Loan. The one thing they shied away from was construction loans in the days befroe independent mortgage brokers. What a shame! Only for relatives and friends. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 21 days ago

We used to do those all the time and I am glad that they are still around.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 21 days ago

Participate