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Apr 20, 2021
1:25
:17
am
BleedCougarBlue2
Truly Addicted User
You mean the lender's risk, if I default on the loan, of not having a finished
home to resell vs having a finished home in a standard 30-yr mortgage?
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BleedCougarBlue2
Previous username
Twister
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BleedCougarBlue2
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Sep 5, 2017
Last login
Apr 26, 2024
Total posts
26,052 (1,895 FO)
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Messages
Author
Time
Can anyone explain to me why a home "construction loan" has a higher interest
BleedCougarBlue2
4/20/21 12:35am
Length of the loan. Get a lot more out of you over 30 yrs than 6 mos to yr for construction.
Soupie
4/20/21 12:43am
Hmmm....makes sense. One person I asked said it's because there's no market for
BleedCougarBlue2
4/20/21 1:19am
Risk during construction.
mulletino
4/20/21 1:20am
You mean the lender's risk, if I default on the loan, of not having a finished
BleedCougarBlue2
4/20/21 1:25am
Yes
molodyets
4/20/21 1:44am
Ok, that makes sense, too. Thx for clarifying.
BleedCougarBlue2
4/20/21 2:30am
Because it’s more risky - the asset collateralizing the loan doesn’t exist yet.
molodyets
4/20/21 1:24am
On top of that, managing draws is more labor intensive for the lender.
Pimpin4Paradise
4/20/21 6:59am
Zions has a seamless Bridge/Construction Loan
SwanSong
4/20/21 1:44am
Jordan Credit Union has an option too if you are in Utah or Idaho.
Cougsanity
4/20/21 7:30am
I live out of UT but the lot to be built on is in Grantsville. Sufficient?
BleedCougarBlue2
4/20/21 1:06pm
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