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Old 03-06-2014, 12:36 PM
 
2 posts, read 4,941 times
Reputation: 10

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In brief, we want to purchase a property with a small home on it (600sq ft cottage than's rundown), tear it down, and build a new home on the lot.
Property has a home, so not really considered vacant land.
We have contracts in hand for our accepted offer on the property, haven't signed them yet. We are looking for a builder b/c we were told we can't get the construction loan without submiting the final approved plans for the construction.
Are we approaching this all wrong? Does anyone have any advice that has been through this? or can recommend a bank or mortgage broker that specializes in this type of transaction? Any help would be very much appreciated. My concern is the sellers dont want to wait for us to get the building documents done and approved for us to get the loan and move on to the next highest bidder.
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Old 03-06-2014, 03:44 PM
 
Location: Danbury CT covering all of Fairfield County
2,564 posts, read 6,930,307 times
Reputation: 1306
I just happened to see this post come up. I'm in the CT/NY line and work with a variety of lenders. You can check with Union Savings, Fairfield County Bank or Newtown Savings
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