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Has your loan officer structured your construction loan properly and why it's so important to obtaining an approval?

I receive loan requests all the time from customers that went to a bank or another broker and were either turned down or were offered a below average construction loan.

Recently I received a construction loan request from a customer that was turned down by a large national bank. The loan officer had calculated the income incorrectly and submitted the loan as full documentation.

The customer owned his own business and had a lot of tax deductions on his tax returns. The way banks qualify customers as full documentation is very conservative and the customer was turned down. We took the loan, found the problems upfront and submitted the loan for approval on an asset based, stated income construction loan. The customer was approved and completed a new and beautiful home.

Structuring construction loans for approval is vitally important and is the last thing on most customers' minds. Each and every time I receive a loan from a customer with a bad loan experience it is always because the loan officer did not specialize in construction loans and did not structure the loan accordingly.

The old saying "you get what you pay for" is especially true when obtaining financing in building your new home.

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