We own a vacant lot and we want to build a single family home on. How does this work with our current lender? Do we need to refinance? How about looking for lenders that do new construction loans? Also, I’d like to know how we should subdivide lots? by teverett157 from Denver, Colorado. Mar 30th 2022
These are complex loans, and few lenders offer a solution. Essentially, once approved, the new lender pays off the current lender and provides funds to complete the project. I know of no banks that offer what you are looking for. Here at NEXA Mortgage, we have access to several lender that do offer a solution. Reach out and I can put you in touch with one of my peers licensed in CO to help you. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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