Creative financing for Preservation Projects

Clay Herzog · Joined: 01 Aug 2007 Posts: 1

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?

Clay Herzog

Archived from group: alt>building>planning-preservation

$cott · Joined: 01 Aug 2007 Posts: 1

Clay Herzog wrote:
> 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?
>
> Clay Herzog

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.miller@carteretmortgage.com or EZMortgageLoanz@aol.com

Real Estate Help Desk (www.RealEstate-IQ.com)
Automated Loan Assistant (www.EZMortgageLoanz.com)

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