Really, what happened to Indy Mac Bank, Bismark Mortgage, National City, Washington Mutual, First Horizon, etc? Well the only thing I can say is wow. Our daily statement that we utter around the office these days is “it is what it is” but is it really. Construction loans are the backbone of the American Dream and if some of these banks do not come back in the business soon families are going to miss out on two American dreams, 1. A Dream Home and 2. Good Old American Competition.

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Construction refinancing - I was told that it is quite difficult to get construction loan as it is not like mortgage loan. The loan lenders has to know more detailed of your planned construction before they loan you their money. And, that’s why construction loans …

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Washington Mutual has shut down the entire construction loan department nationwide. Wamu management is so lucky I’m not the CEO of their bank because I would fire upper management before I ever shut down one of Washington Mutual best products their “construction loans”. Wamu may be in trouble just like a lot of other banks in the industry right now but the idea that families are no longer going to build their dream home is rediculous. The best customers in the entire mortgage spectrum is the family home builder. Where else can you find people with excellent credit, land equity and stronger credit leverage than through families that build a dream home for themselves to live in the rest of their lives. Like I said, upper management heads would be rolling if I were in charge. Management is using big home builder statistics to keep their cost cutting jobs instead of protecting the America Dream and their highest quality product and customer. Good Luck Wamu, it was fun working with you but your days are numbered and you can thank upper management.

The construction loan market has officially slowed down and even though banks are continuing to tighten their guidelines banks are wanting business. Banks are wanting quality loans with excellent credit, cash equity, down payments, liquid assets etc. These are the same guidelines that were required 10 years ago before the recent real estate boom. Even though things have stepped back into good old fashioned credit risk criteria technology is still changing the future of lending with paperless speed and internet technology.