chelan construction: Financing a Partially Completed Home - 08/25/13 11:38 AM
I recently was contacted by a potential client who needed financing to finish his home which he had begun with his own cash.  He mentioned that he had been unable to find any bank financing on a project where work was already underway. I have financed plenty of homes like this, and there are several general scenarios they fall in.
In my primary market in Eastern Washington, we have a limited construction window due to weather, so this leads to several scenarios in constuction planning.  Sometimes, they get their permit too late in the fall to get dried in, but … (0 comments)

chelan construction: Partially Complete Homes - 04/22/10 06:58 PM
I have encountered several clients who started construction of a home on their own nickle, expecting to get a construction loan to finish the last 10 -20 or 50%.  Only to find that most banks won't lend on a house if construction has already started.  I can't speak for the rest of the markets, but at least in our area of Eastern Washington, you have some choices.  You CAN get a construction loan to finish a house, or to buy a partially completed home.  We have several spec homes in our market that the builders walked away from; fortunately they were dried … (1 comments)

chelan construction: Construction Financing Continues - 03/03/09 05:37 AM
I cringe whenever people ask, "Are you still lending money?"; but I suppose it is a fair question these days. In my markets of Wenatchee, Leavenworth, Chelan, Winthrop and Okanogan County, most of the banks that used to do a lot of construction lending have severely cut back their programs.  Some of the things that other lenders have dropped but we still do are:
Owner-Builder Construction Loans
Lot Loans, Land Loans
Modular Home Loans (those delivered in sections)
Kit Home Construction Loans, or panelized home Loans  such as Lindal, Viceroy, etc.
Loans for homes where construction has already started
SIP Construction loans, or … (0 comments)

chelan construction: Investing in Mortgages - 12/11/08 04:27 PM
I lost out on a transaction with one of my clients the other day; but I think they made the right choice by not refinancing with me. 
I had financed a spec home for them near Lake Chelan which has not sold. I was in the process of refinancing it into an investment property on a 30 year fixed loan.  These days Fannie Mae adds all kinds of extra fees for investment properties, and less than perfect FICO scores etc.  They weren't taking any cash out, and the loan is less than 60% of the current appraised value, but it was still going … (1 comments)

chelan construction: Market support for Wenatchee Homes - 07/16/08 06:18 PM
In the Wenatchee Real Estate market, you have to be careful about too many statistics.  I actually took a statistics class or two back at UW many years ago, and we learned about something called sample size.  Basically, if you don't have a lot of  pieces to measure and slice and dice, it is hard to come up with statistics that mean anything.  In Seattle, you can study trends; in Wenatchee, one good weekend of home sales can skew the numbers.  It is best to look at the overall picture to see what is happening in Wenatchee Real Estate.
In Wenatchee, we have … (0 comments)

chelan construction: Wenatchee Owner Builder Financing - 03/16/08 05:10 PM
2008 seems to be a great year to build your own home in the Wenatchee area. I have seen a large increase in the number of clients requesting owner-builder mortgages.  Some bought land a few years ago and others are buying their lots now.  It looks like people will save some money building their homes this year versus 2007. The reason for this is that every subcontractor and supplier was scrambling last year to keep up with all the projects from their regular builders; this year, fewer builders are starting new speculative projects, which means the subs are a little hungrier … (1 comments)

chelan construction: Wenatchee Construction Update - 01/28/08 04:31 PM
I have talked to several people this month who are buying land in our area with plans to have a home built in the near future.  As most of the questions are similar, I thought I would fill people in on Construction Lending in Wenatchee, Leavenworth and Chelan. 
First of all, its Winter here, which is very pretty, but if you didn't pour your foundation beforehand, you'll need to wait until it thaws.  Depending on where you are in the area, that can be anywhere from February to May.   Also, people who are finishing homes right now are generally moving in … (0 comments)

chelan construction: Wenatchee Fall Construction Race - 10/14/07 05:02 PM
It's that time again; every Fall in the Wenatchee area, builders scramble to get their foundations poured before it freezes, giving them a chance to get their homes framed in so they can work inside during the Winter.  Some years have been mild, where you could excavate and pour concrete all Winter long.  But more typically, we see someone get a late start and be delayed for 2 months and finally pour in February.
Good news this year for people planning a custom home, many good builders are holding off on their spec building to see where the market goes. This means … (3 comments)

chelan construction: Wenatchee Construction- Going cheap may cost you - 05/21/07 06:07 PM
I heard about 2 Wenatchee/ Leavenworth area  builders last week who are being impacted by the continued housing boom in our area.  They both have had their projects delayed by a lack of available workers.  This brings up a thought when shopping for a contractor to build your custom home: the lowest bidder probably doesn't pay top dollar for his framers. So when you award the contract to Mr. low-bid Builder and he calls up his framers, guess what-they won't show up, because they just got a better offer to work another project.
Meanwhile, while you are waiting, you end up paying … (2 comments)

Darel Ansley (Peoples Bank)

Darel Ansley

Wenatchee, WA

More about me…

Peoples Bank

Office: (509) 664-5324

Mobile: (509) 860-3301

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