« matrix: construction lenders »
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PROGRAM DETAILS
SINGLE-FAMILY
RESIDENCES
1 Builder/custom-borrower owns lot:
a) Max loan amount and b) max LTV
2 Builder model/spec: Max loan amount
3 Builder sold: Builder owns lot and has
contract to sell: Max LTV
4 Corporations, trusts and legal entities
5 First-time builder with limited experience
6 Newly self-employed
7 Owner who is a builder
8 Self-build: Max LTV
BORROWER T YPES
a
9 Condos: High-rise
10 Condos: Low-rise
11 Land development
12 Log homes
13 Mixed-use properties
14 Manufactured mobile homes
15 Modular homes
16 Partially completed construction
17 Residential lot acquisition: Max LTV
18 Rural properties
19 Second dwelling on single tax lot
PROPER TY T YPES
20 100% CLTV
21 Additional advances
22 Blanket loans
23 Construction-to-permanent (all in one loan)
24 Draws on demand
25 Gifted lot
26 Payment reserve
27 Interest-only payment loans
28 Less-than-perfect credit
29 Line of credit
30 On-time completion bonus
31 Principal reductions with re-amortization
32 Remodel loans: Max loan amount
33 Stated income: Max loan amount
34 “No-Payment” option
COMPANY NAME
$
1a
1b
%
$
2
3 4567 8
%%
9 10 11 12 13 14 15 16
%
17
18 19 20 21 22 23 24 25 26 27 28 29 31 30
$
32
$
33 34
Aztec Financial
800-663-0997
3M
60 3M
70 Y Y Y Y 60 Y Y Y Y Y
Y 60
YYYY
YYYYYY
Y 3M
3M Y
CA
CA only. May lend up to 65% LTV on construction loans
Bismark Mortgage Co.
800-350-7199 x106
www.bismarkmortgage.com
400K 70 400K 60 Y 0
Y 70
Y
Y
YY
YYYY
400K Y
NATIONWIDEexcept: AR CT DE FL IA KS LA MS MT ND NE NH NM OK RI SC SD VT WI WV WY
Please see Web site for additional information.
Normandy rm n
800-390-7536
www.normandy.com
2M
90 2M
75 Y Y Y Y 90
YYYY
Y Y 75 Y Y
YYYYY
YY
Y 2M
2M Y
NATIONWIDEexcept: AL AR AZ DC ID LA MN MS ND NE NM NV OR SD TX VT WI WV
Seattle Funding Group
Ltd.
800-974-8625
www.SeattleFundingGroup.com
2M
Seattle Funding Group of
California
858-751-0556
www.SeattleFundingGroup.com
3M
CA
70
70 Y
YY
YY
Y
Y
Y
YY
YYYYYYYY 2M
2M Y
CO HI NV OR UT WA
70
70 Y
YY
YY
Y
Y
Y
YY
YYYYYYYY 2M
2M Y
WADOT Capital Inc. l
206-362-4444
www.wadotcapital.com
1M
75
1M
75 Y Y Y Y 75
Y Y Y Y Y Y Y 70 Y Y Y Y Y
YYYYY
1M
1M
ID OR WA
LTVs based on cost-to-construction. ID, OR & WA only
Tell lenders you found them in Scotsman Guide
1a
1b
2
3 4 5 6 7 8 9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 31 30 32 17 2
33 34 3
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production cycle and dynamic nature of the industry, loan product
terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
Non-obligated owners must agree
to mortgage their interest in the property along with anyone who signs the
note. Simply having the non-obligated
owner sign the mortgage without being named as a grantor in the body of
the mortgage or otherwise expressing
a grant of the mortgage may be insufficient for mortgage enforcement. The
non-obligated owner must be named as
a grantor in the body of the mortgage.
Failure to state the marital status of
parties signing a mortgage also may
present problems. At loan origination,
it’s crucial that all individuals with an
ownership interest in a property consent to the mortgage as grantors and
by executing the mortgage. If an individual is married, the spouse may have
an ownership interest in the property.
If a married individual signs a mortgage without the spouse’s participation in the granting of that mortgage,
the mortgage may not be enforceable
against part or all of the property.
« DOT YOUR I'S continued from page 34
Stating the marital status of the individuals signing the mortgage directly
on the mortgage instrument provides
some assurance that there are no undisclosed marital interests.
recorded. These additional proceedings may be costly and may delay
the foreclosure process. Additionally,
an unrecorded mortgage may not
be enforceable against third-party
“Mortgage brokers should have a
procedure in place to ensure mortgages
are recorded properly o pe y.”
Post-closing problems
