Construction loans lenders have started off the year changing the game once again. Some banks are simply getting out of the construction loan business while others are making the move to be the next best lender. Washington Mutual for instance have shut their doors once again to providing construction loans through their wholesale channels. This simply means that Wamu is cutting back on lending money or maybe that they were too aggressive in their lending habits. Regardless of what this big bank is doing they are in some kind of cut backs from some sort of mismanagement.

While Wamu is shutting some of its door’s I personally think its a mistake no matter what the excuse is. Regardless stay tuned for a nationwide bank that is currently starting a new construction loan division that should overtake Wamu’s mistakes. Who knows maybe they will buy out Wamu. In my next blog report I will let you know who is coming out with what I think is going to provide a great new construction loan to build your new home.

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