Texas Residential Construction and Second Home Market has SunTrust Mortgage – Wholesale Division Positioned for Growth in 2006
Texas Residential Construction and Second Home Market has SunTrust Mortgage – Wholesale Division Positioned for Growth in 2006
Dallas, TX (PRWEB) February 13, 2006
It is not easy to find raw land financing, or have a subdivision lot on hold for any length of time. In the past, you needed cash, owner financing or a close relationship with your banker to consider buying a lot or acreage for future construction. SunTrust Wholesale has developed a program for their mortgage brokers, allowing them to offer clients financing for raw land giving them five years to build or pay off the loan.
Stacie Jordan, Business Development Manager for SunTrust Wholesale in Dallas-Fort Worth is confident that this new product will give the “baby boomers” the ability to plan for retirement, or build that final family home. “We also provide an array of products for our clients that want to get more involved in the building process and oversee the process,” says Jordan. “We have Construction Lending – One Time Close Programs and Rehab Products that allow homebuyers to either build to suit, or take an existing home and remodel.” One of the great advantages of this program is you can protect your interest rate now and prior to completion a float down option is available on most loan types if the market improves.
It has also been a trend for a large group of first time homebuyers to move into urban areas. The rehab program, and the rehab-teardown program gives them that ability.
The program also has offering for investment properties which is another strong housing market.
For a list of mortgage companies that can give you more details on the Lot Loans and Construction Permanent Loans, contact Stacie Jordan at stacie.jordan@suntrust.com or call her directly at 682.465.2306.
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