Builders loans for buyers

NEW -> Contingent Buyer Assistance Program
I am aware of one small builder in the IE who referred their buyers to their bank who, even after the credit crunch started, issued no down loans to their buyers. The rationale? The bank would rather have several smaller possible defaults later than one large default (by the builder, to whom they had issued the construction loan). I can't recall which bank it was, but it was one where the FDIC somewhat recently brokered their sale to another bank, or one to whom the FDIC recently sent a not so good letter.
 
[quote author="EvaLSeraphim" date=1218198505]I am aware of one small builder in the IE who referred their buyers to their bank who, even after the credit crunch started, issued no down loans to their buyers. The rationale? The bank would rather have several smaller possible defaults later than one large default (by the builder, to whom they had issued the construction loan). I can't recall which bank it was, but it was one where the FDIC somewhat recently brokered their sale to another bank, or one to whom the FDIC recently sent a not so good letter.</blockquote>
I think you speak of PFF Bank & Trust which my bank bought.
 
[quote author="usctrojanman29" date=1218399185]

I think you speak of PFF Bank & Trust which my bank bought.</blockquote>


Sweet!

Which branch?

I?ll take a $2M commercial loan without a personal guarantee.

Hook it up and you can roll with me first class to the Ohio St. game.
 
[quote author="tenmagnet" date=1218520296][quote author="usctrojanman29" date=1218399185]

I think you speak of PFF Bank & Trust which my bank bought.</blockquote>


Sweet!

Which branch?

I?ll take a $2M commercial loan without a personal guarantee.

Hook it up and you can roll with me first class to the Ohio St. game.</blockquote>
I work out of the downtown LBC branch in the commercial real estate group. You are in luck, we still do non-recourse construction loans but you'll have to put 50% down (max loan-to-cost is 50% for non-recourse loans).
 
You must log in or register to reply here.
Back
Top