San Diego, CA

Tuesday, April 20, 2010

When banks stop making construction loans what happens next? The current turbulent market conditions helped create a void, one that is currently being filled by residential construction loan specialists.

In terms of the market supply of available construction loans, the recent events have proved to be a doubly whammy. The twin collapse of the financial and real estate industries has left many consumers on the outside looking in when financing new home construction.

In fact, according to the "Mortgage Lender "Implode-O-Meter" since 2006, 381 major US lending operations have "imploded."

In recent years, major banks, such as Indy Mac Bank, Washington Mutual Bank and First Horizon, have either gone out of business or restructured. These major changes in banks have resulted in residential construction loan departments being eliminated one by one.

As of 2009, JP Morgan Chase and Citi Group have ceased to provide construction loans. The sub prime fiasco and the trend of stated income loans contributed to this situation. The end result has been a drastic change in possibilities for families looking to build.

As Rick Gomez of Nationwide Construction Loans shared, "For many reasons, lots of big name banks have gone belly up with their residential construction loans. By keeping our focus on our customers, not risky deals, our business has never been better. We're currently closing over $10 million per month on residential construction loans."

Families looking to build a home using construction loans usually either own land on which they are planning to build, or are looking to purchase land and then build their dream home.

A trend of residential loan applicants being neglected by lenders holds true regardless of whether or not applicants have excellent credit or land equity available for down payment. And now, the situation is even more critical, since the supply of construction loans has slowed to a trickle.

For consumers looking at the most realistic choices with construction loans today, Gomez's free ebook, "Construction Loan Inside Secrets" provides some key answers. The book reveals how to get the best construction loan, rate and terms as well as how to avoid common mistakes made in obtaining a construction loan.

As Gomez added, "Some of the best practices I've learned in the last 25 years about construction loans are in this book. I guarantee I'll open a few eyes on what some banks continue to get away with, even today."

For immediate access to "Construction Loan Inside Secrets" at no cost visit NationwideConstructionLoans.com. You can also call 866-211-3344 for immediate assistance with any construction loan questions.

ABOUT:

Rick Gomez, president of NationwideConstructionLoans.com and CaliforniaConstructionLoans.com has secured millions of construction loans for families in the last 25 years. Gomez, a construction loan officer for several large lending institutions earlier in his career, today helps customers obtain the best construction loan financing from the country's best available lenders.

Nationwide Construction Loans' experience, reputation and a large construction loan volume, has allowed the company to develop strong relationships with many lenders throughout the USA. NationwideConstructionLoans.com

Rick Gomez

President

Nationwide Construction Loans

San Diego, CA

866-211-3344

866-231-7303

First Url: Residential construction loans