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 Post subject: Construction Loans
PostPosted: Mon Aug 20, 2012 8:16 am 
Kama

Joined: Mon Aug 06, 2007 3:01 am
Posts: 9
Location: Physically - Mainland; Mentally - South Point
Aloha Aeveryone!
Can anyone explain how construction loans work for building a new home on the BI? We would like to have an understanding of how these work prior to looking for a lender? Also, would staying with a lender on the Island have any advantages to using one from the Mainland? Any input, comments, advice is much welcome! We are at the next step getting ready to finally start on coming back "Home"!
Much Mahalo,
Jim & Bernadette



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 Post subject: Re: Construction Loans
PostPosted: Mon Aug 20, 2012 9:41 am 
Kona Kastoff
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Joined: Wed Dec 14, 2005 10:53 am
Posts: 2554
Location: Kailua-Kona
Talk to a loan officer instead of a lender. I highly recommend Karen Kline (808.756.7429 or karen@karenkline.com) her web site is http://karenkline.com. Forget dealing with a mainland lender directly. They will promise you the moon but they can't deliver. If you want to hear some nightmares that happened to my clients feel free to e-mail me.



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 Post subject: Re: Construction Loans
PostPosted: Mon Aug 20, 2012 12:28 pm 
Kama

Joined: Mon Aug 06, 2007 3:01 am
Posts: 9
Location: Physically - Mainland; Mentally - South Point
John,
As always thanks for the heads up! I will be emailing you! And making a phone call to your recomendation!
Mahalo!
Jim and Bernadette



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 Post subject: Re: Construction Loans
PostPosted: Mon Aug 20, 2012 8:02 pm 
Site Admin
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Joined: Sat Dec 10, 2005 7:30 pm
Posts: 2529
Location: Kapolei
jkpsr wrote:
Aloha Aeveryone!
Can anyone explain how construction loans work for building a new home on the BI? We would like to have an understanding of how these work prior to looking for a lender? Also, would staying with a lender on the Island have any advantages to using one from the Mainland? Any input, comments, advice is much welcome! We are at the next step getting ready to finally start on coming back "Home"!
Much Mahalo,
Jim & Bernadette

The problem is most mainland banks/brokers don't know their ass from a hole in ground when it comes to Hawaii. Since your property is in Ka'u after they agree to the loan ask them if they give out loans in Lava Zone (Put your zone # in here) and you will hear dead silence. They will say let me get back to you. And when they do they will tell you sorry but we don't lend money out on property in Lava Zone (Put your zone # in here). Ask me how I know!!! :mrgreen: :mrgreen: :mrgreen:



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 Post subject: Re: Construction Loans
PostPosted: Tue Aug 21, 2012 11:36 am 
Malihini
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Joined: Wed Jan 25, 2012 10:14 pm
Posts: 128
Location: Pensacola, FL
Kona Dave wrote:
jkpsr wrote:
Aloha Aeveryone!
Can anyone explain how construction loans work for building a new home on the BI? We would like to have an understanding of how these work prior to looking for a lender? Also, would staying with a lender on the Island have any advantages to using one from the Mainland? Any input, comments, advice is much welcome! We are at the next step getting ready to finally start on coming back "Home"!
Much Mahalo,
Jim & Bernadette

The problem is most mainland banks/brokers don't know their ass from a hole in ground when it comes to Hawaii. Since your property is in Ka'u after they agree to the loan ask them if they give out loans in Lava Zone (Put your zone # in here) and you will hear dead silence. They will say let me get back to you. And when they do they will tell you sorry but we don't lend money out on property in Lava Zone (Put your zone # in here). Ask me how I know!!! :mrgreen: :mrgreen: :mrgreen:



I would think it would be harder to get home insurance in a Lava Zone than it would be to get a mortgage on a home in a lava zone. If you can get quality insurance, why wouldnt a bank loan you the money....if something happens, someone's getting paid...and the lender always gets paid first.


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