Carl, we have a client in Utah with land in Montana. He needs $125,000 to get the project going. He does have a take out loan in place locally.
He is the Owner-Builder but we'll do the vast majority of it with him. We're in our 20th+ year of successful operation.
Sincerely,
Don
Hi Don,
It doesn’t matter where your client lives. Real Estate mortgages, such as construction loans, are made “in” the state where the property that will secure the loan is located.
Therefore, he needs a construction lender that is licensed and operates in Montana, and allows owner/builder construction.
The Normandy Corporation, according to their web site, does both…and, they told me that they keep their web site up to date.
They will lend up to 90% of the appraised (when completed) value of the house.
If he has equity in his land in Montana, Normandy may be able to use that equity as part of the required down payment.
The borrower’s down payment is ALWAYS applied (used) first towards the cost of the construction project.
Normandy’s phone # is 800- 390-7536
Good luck,
Carl
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