Is your Atlanta-area client having a hard time finding a bank to handle construction-perm financing?

By
Mortgage and Lending with Crescent Bank & Trust

Go to fullsize imageI've spent at least 15 of my 21 years as a community banker handling deals most bankers shy away from: Owner-occupied residential construction-perms. These transactions demand significant "teaching time" on the part of the banker for even the most sophisticated borrowers. Some of the topics I'm able and willing to cover in great detail with your client are:

  • Hiring a reputable general contractor,
  • The necessity of having adequate cash reserves to fund inevitable cost overruns,
  • County and municipal permitting,
  • Explaining how the progress draw process works,
  • Locating suitable, buildable land,
  • Pros & cons of onsite sanitary sewerage (septic systems),
  • Ins & outs of municipal building code & fire inspection,
  • Pros & cons of set-price turnkey or cost-plus construction arrangements,
  • The necessity of Builder's Risk insurance & subcontractor Lien Waivers,
  • De-bunking the myth that Title Insurance isn't needed for new construction,
  • Making an apples-to-apples comparison of why a "one time closing" helps no one but the bank,
  • Ensuring modification from construction loan to permanent mortgage is as seamless as possible.

Crescent Bank remains willing and able to handle residential C-P loans in the Metro Atlanta communities of Johns Creek, Alpharetta, Canton, Ball Ground, Holly Springs, Cumming, Cartersville, Woodstock, Jasper, Big Canoe, Lake Arrowhead, Waleska, Marble Hill, Tate, Marietta, Acworth, and Roswell. 

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North Metro Atlanta community banker, Woodstock, GA

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