Hi,

My new company SIR Custom Homes, LLC is building spec homes in Athol, ID.
We are currently looking for a new lender as Well Fargo is not cutting it.
They are slow and the appraisal process is poor.

We have sold one house and pre-sold another. We own 2 other lots and are currently buying 3 others (1 will be split into 2 lots).

Can any one recommend a good lender or mortgage broker to deal with?
Currently applying at IndyMac Bank and with some mortgage brokers.

I can not help you and make it a policy not to recommend anyone, but I am wondering….

How big are the deals. The ones that you did and the ones that you want to do?

Are you looking for land acquisition for those lots or are you buying them and looking for the construction financing? Or both A&D / Construction?

How fast is the turnaround for Wells for those deals, what kind of deals were they?

Appraisal process is poor? Don’t they use an outside appraiser or do they use an inside one? Do you consider it poor because the estimate came in lower than expected?

I rarely touch spec financing, but when we do our turnaround can be really quick. In some cases, we will even do our approval subject to an acceptable appraisal providing us with the required LTV. The thing is that in order for some institutions to consider this, you need to be known to one of their lenders so that in a way this lender champions your cause inside the institution. Relationships are very important in banking. In addition, your personal financial condition as well as your experience in development will be significant factors.

Indy-Mac was going to be my suggestion.