CNBC's Best Lenders for Construction Loans. Do You Agree?

Question

Hi hi, BP Fam,

I'm looking for construction loan lenders in WA for primary/investment development. I came across this article from CNBC. Here's their list for best construction lenders:

• Best for buying a fixer-upper: Flagstar Bank
• Best for construction-to-permanent loan: TD Bank
• Best for low rates: Connexus Credit Union
• Best for a longer construction period: Citizens Bank
• Best for a low down payment: Old National Bank
• Best for VA construction loan: VA Nationwide
• Best for bad credit: New American Funding
• Best for builder buydown options: Guild Mortgage

I would love to hear from my BP fam who has actually taken out construction loans. Do you agree with the list? Have you used any of the banks on the list? Who would you recommend? Last but not least, who would you avoid?

See the original CNBC's article here.

Elias Halvorson · Answer

Hi Fay, I don’t agree with most finance sites rankings because typically they are pay to play type articles where the lenders listed pay per click. Typically the clowns will list Veterans United as the best VA lender when they are typically are 1.5 pts (or more) higher than the typical mortgage broker. I am a mortgage broker and focus my lending in WA (where I’m from) and Hawai’i where I’ve lived the past 10 years and would be happy to give you a quote as well. Happy to connect

Jay Hinrichs · Answer

if you qualify at a bank and its the state of WA I use Heritage Bank there and can refer you to my loan officer who did 50 plus construction loans for me in the last 3 years..

I would not use a national bank I would only use a local regional for the best fees and service they know the market best.

but qualifying is harder.. you will need experience  plenty of reserves and equity. For me my lots were paid for I only borrowed vertical