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Creative financing for Preservation Projects
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Clay Herzog
Jun 22, 2006, 8:03:21 PM6/22/06
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I financed the restoration of a little stone house in WA county MD with a
"1-year construction loan." Four years we still aren't finished and can't
convert the loan. I'd like to refinance this baby based upon current value
so that I can pay off the construction loan and get into a fixed-rate
mortgage and actually start paying down the loan. Anyone have any
suggestions of lenders that are willing to work with preservation types
mid-project?
"1-year construction loan." Four years we still aren't finished and can't
convert the loan. I'd like to refinance this baby based upon current value
so that I can pay off the construction loan and get into a fixed-rate
mortgage and actually start paying down the loan. Anyone have any
suggestions of lenders that are willing to work with preservation types
mid-project?
Clay Herzog
$cott
Jun 25, 2006, 3:11:11 PM6/25/06
to
Clay,
I might be able to assist you, but I would need to know some specifics
in order to be certain.
It sounds like you need a lender that has a loan program that is based
upon "as completed" rather then "as is"; if this is the case, I can
most likely assist you.
Regards,
H. Scott Miller
National Commercial and Residential Lender/Broker
Carteret Mortgage
TOLL FREE PHONE#: 1.877.716.6495
TOLL FREE FAX#: 1.877.578.2041
EMAIL: hugh....@carteretmortgage.com or EZMortg...@aol.com
Real Estate Help Desk (www.RealEstate-IQ.com)
Automated Loan Assistant (www.EZMortgageLoanz.com)
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