List of True Built Lenders

Terry Pemberton
Sr. Loan Officer
360-280-4208
terry.pemberton@usbank.com

Alicia Hoare – Lake Washington office – Covers all of Western Washington
Loan Originator
425-893-5700
Alicia.Hoare@bankwithsterling.com

Darla Watts – Tri Cities office – Covers all of Eastern Washington
Loan Originator
509-783-7300
Darla.Watts@bankwithsterling.com

Daniel R Huff – Sunnyside
Northwest Farm Credit Services-Manager Community Lending
2735 Allen Rd
509-836-3088

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.