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construction loan lenders

 
sunsugar
(@sunsugar)
Active Member

Hello everyone,

We are interested in locating a lender that handles new construction loans in STX. Can anyone recommend a trustworthy lender?

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Topic starter Posted : November 1, 2007 12:19 pm
LISAILOR
(@LISAILOR)
New Member

We are in process of using Capital Mortgage. They seems to check out all right. Speak to Royce. Good Luck

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Posted : November 1, 2007 3:59 pm
aschultz
(@aschultz)
Advanced Member

Scotiabank

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Posted : November 1, 2007 6:35 pm
amanda4882
(@amanda4882)
Advanced Member

I thought Capitol didnt do construction loans. Can you confirm?
Thanks

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Posted : November 2, 2007 12:26 am
Dylan
(@Dylan)
Advanced Member

SCOTIA BANK?!?!?!?!?

OH PLEASE!

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Posted : November 2, 2007 12:59 am
aschultz
(@aschultz)
Advanced Member

What now, I have the loan right now.7.25

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Posted : November 2, 2007 1:31 am
Texas girl
(@Texas_girl)
Advanced Member

This info is a little old, but here's what we found when researching land and construction loans last year.

http://www.movingtostcroix.com/2006/09/financing-our-st-croix-real-estate.html

I know Scotiabank changed their terms on land loans to some very favorable terms so that's who we went with for our land loan. They might also have more favorable terms for construction loans as well.

Good Luck!

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Posted : November 2, 2007 12:48 pm
sunsugar
(@sunsugar)
Active Member

thanks everyone for the info. We currently bank with 1st Bank but wanted to see if there might be anything better.

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Topic starter Posted : November 2, 2007 1:31 pm
Cyrano
(@Cyrano)
Advanced Member

Capital Mortgage offers a construction/perm loan with one closing. Currently 6.5/8% no points on 30- fixed after 7.5/8% construction.

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Posted : November 2, 2007 4:03 pm
amanda4882
(@amanda4882)
Advanced Member

Hi,
Can you give us some contact info on Capital?
Cant seem to find them
Thanks

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Posted : November 2, 2007 9:45 pm
Cyrano
(@Cyrano)
Advanced Member

ReMax St. Croix has links to banks including Capital (800) 613-4408

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Posted : November 4, 2007 2:43 pm
vakshnr
(@vakshnr)
New Member

I am an Escrow Officer/LPO, in Washington State. Who closes escrow transactions on the islands? Title/Escrow Companies or Attorney's?

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Posted : December 13, 2007 10:23 pm
Alexandra
(@Alexandra)
Trusted Member

attorneys close loans in the islands. Typically, the buyer and seller are each represented by attorneys from different firms and if there is a mortgage involved there is a third attorney from another firm who represents the mortgage company but is paid for by the buyer. Quite different from Washington! Don't even get me started on title insurance here.

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Posted : December 14, 2007 2:50 am
vakshnr
(@vakshnr)
New Member

I have been planning my move to STX for the last 15 years and it is approaching quickly, September 2008. I can hardly wait. Escrow Closing is the last thing I want to do, but is it a lucrative profession to be in on the islands? Of course I am not a licensed attorney, but do hold a license issued by the Washington State Bar Association. Which obviously would not work on STX but curious what requirements you have to have to close escrow transactions on the islands.

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Posted : December 14, 2007 7:46 pm
Alexandra
(@Alexandra)
Trusted Member

nobody is "required" to use an attorney to close their transactions, but most closings do utilize one or more attorneys somewhere in the process. Some experienced buyers handle their own side of the transaction, especially when it's a cash sale without complications. The seller's attorney creates the new deed. Many buyers would not be comfortable closing with a deed the seller had personally drawn up.

There are some paralegals in attorney's offices who handle closings without their attorney getting involved unless something odd comes up on title or a dispute occurs that they come in to help with. You can possibly talk to an attorney's office about affiliating with them to work on real estate closings. Experienced people who understand the paperwork necessary to close the transaction are useful to have around.

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Posted : December 14, 2007 9:11 pm
wasame
(@wasame)
Advanced Member

I read somewhere that mortgage rates are higher in VI than on the mainland. Have you found this to be true? If the mainland banks are offering 6.5% (30 yr fix, zero points) what would one expect in VI?

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Posted : March 21, 2008 8:33 pm
dntw8up
(@dntw8up)
Trusted Member

You can call any of the local banks and ask. You can find their phone numbers here: viphonebook.com

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Posted : March 21, 2008 9:23 pm
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