List of True Built Lenders
William (Bill) P. Andrews
Vice President, Branch Manager NMLS ID 539564
Bill and the owner of True Built Home goes all the way bank to the 1990′s He’ll take care of you.
Country Place Mortgage
Regional Manager NMLS 779492
Country Place Mortgage-Specializing in construction FHA Loans-Currently only available for Spokane and Tri-Cities Branches. To learn more about this type of loan and even start the process, click here to Country Place Mortgage website.
2962 Limited Lane NW, Suite B, Olympia, WA 98502
We would like to mention the thoroughness of Sterling Bank. Before any loan is funded, the bank has a conference call with client and Builder to go over commonly misunderstood items, how draws are completed, and a few other essential items. The call takes about 30-40 minutes, but all agree, WOW, how helpful. So, if being thorough is in your “DNA”, than this bank is for you.
Alicia Hoare – Lake Washington office – Covers all of Western Washington. If you would like to learn more about Sterling Bank’s construction loan program, click here.
Northwest Farm Credit Services
Eastern Washington Only
Daniel R Huff – Sunnyside To learn more about Northwest Farm Credit Services, click here for a company website.
Northwest Farm Credit Services-Manager Community Lending
2735 Allen Rd
Global Credit Union
Sales Manager & Loan Originator
8836 Gage Blvd, Suite 202A
Kennewick, WA 99336
F. (509) 737-2692
Shawn does loans for our Tri-Cities office
722 W. Riverside Ave
Spokane, WA, 99201
Robert originates loans for our Spokane office
Construction Lending Process
We would like to take the time to educate our clients here about the lending process.
Before what many are calling the “greater recession” several local and national lenders were willing to lend construction loan money on the pre-construction appraised value. As an example; Mr. and Mrs. Jones find a parcel of land, pick out a True Built Home, get estimates for owner items and presents everything to the lender. The lender, after receiving the builder packet, (that’s the contract, blueprints and description of materials from True Built Home) does a pre-construction appraisal to determine the home’s value. In the vast majority of cases, the home always appraised far above the actual cost. Many lenders would then give anywhere between 80% and up to 100% of the appraised value. In another words, if the projects projected cost was 180k, and the appraised value was 245k, they would give the percentage mentioned earlier based upon the appraised value. Often, if the client was credit worthy, they could take the cash out if they so desired. We know what that led to!
What has changed? Many of the lenders listed above will do this scenario only if the client has owned or made payments (called “seasoned”) on the land for over a year. The banks can then use the equity in the property as a down payment on the construction loan. A few of the banks below require that anywhere from 5-20% of the estimated cost of construction still be put towards the purchase of the new home.
The catastrophe in the banking industry adversely affects pretty much every single type of loan there is. However, why are people still building homes from True Built?
- Building with True Built Home is still the best way to jump start equity in your home.
- With the quality of products and our “Different by Design” philosophy approach do building our homes, our clients will enjoy maintenance free living for years and will have a modern plan that will remain functional for your lifetime.
- You can enjoy the flexibility of your taste your way.
- With built in equity, you’ll likely never be “upside down” like some of our friends, family and neighbors.
- When you have an active part in your home you will not believe the excitement of seeing your home go up. It truly is an experience of a lifetime.
We hope here at True Built Home as a staff, sub-contractors and vendors that you will be added to a long list of success stories, proud owners and financially better off folks as a result of having discovered that owning new is simply a wiser choice to be had by the few.