What banks do financing on the wholesale side for spec homes?
January 25, 2009 by admin
Filed under Renting & Real Estate
alison a
I have a friend who is a builder and would like to use me for his mortgage broker. I have no problem finding banks who will do financing for owner occupied builder programs, but nothing for spec homes. A lot of the banks offer spec programs on the retail side, but I’m having trouble finding it wholesale. Thanks!
I do know what a spec home is
My rep at Indymac said that they only do owner occupied construction, but maybe there is another dept she’s unfamiliarr with? I’ll ask her again. Thanks!
I have a friend who is a builder and would like to use me for his mortgage broker. I have no problem finding banks who will do financing for owner occupied builder programs, but nothing for spec homes. A lot of the banks offer spec programs on the retail side, but I’m having trouble finding it wholesale. Thanks!
I do know what a spec home is
My rep at Indymac said that they only do owner occupied construction, but maybe there is another dept she’s unfamiliarr with? I’ll ask her again. Thanks!
I don’t think you know what is spec home is. A spec home is just a home that is build in speculation of a buyer and was not a custom built home. 98% of all homes built are spec homes.
IndyMac Bank has some decent wholesale programs that are designed to build a few homes in a subdivision at a time etc…
It is a different division of their wholesale side, but if you call your account executive there then I’m sure they can give you the number for them.
They’d be worth checking out so that the builder can finance the building of new homes until he has a buyer for the property