Last Friday, we closed on our rehab loan. The location was ironic: an office building in Chesterfield that houses the headquarters of Taylor-Morley Homes.
Unfortunately, that is not even close to being the strangest thing about our loan.
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6 comments:
Yes, I know the building of which you speak.
Quite ugly.
Were there no lenders in the City?
"Were there no lenders in the City?"
Very few lenders that we approached for a rehab loan had city offices. I was disappointed that we could not keep our business in town.
Unfortunately, Michael is right in that there are not many rehab lenders with offices in the city. There are a couple but the cost of their rehab loans is high. One of the best rehab loans out there for an owner occupant rehab is Pulaski (I am in no way connected to them). They are the least expensive in terms of fees and points... for what its worth.
Congrats Michael and Claire on getting that booger closed!!!
I used Pulaski in the 1970s for a loan, back when they were Pulaski Savings and Loan. We chose them sort of as a last resort because they were the only lender that would take the time to look at the little details and make sensible exceptions to the usual rules. I will always be indebted to them.
However, it is a shame they don't have a physical presence in the City. Maybe Mr. Donius, who hosted a benefit at City Hall, will read this and consider that we city dwellers need more choices.
Pulaski recently acquired Central West End bank, so they do have a presence in the city. They also have a branch on South Grand at Chippewa.
I was very happy with Pulaski as well, where we got our mortgage in 2003.
Indeed they have a branch at Grand and Chippewa, but all the mortgage brokerage business is done from their HQ on Olive west of I-270.
Fortunately, I only had to go there once. Couldn't you have had your closing in the City though? Usually that's at a title company office, not the lender's office. Unless, of course, they're one and the same.
My 1st house closing in 2001 was at First American Title in Clayton; and my seller's closing in 2004 way out on Lemay Ferry (where Connie Petty had her office at that time -- now she's on Hampton and she lives three blocks from us!).
But the closing for our current home we had in 2003 at Old Republic Title in Hampton Village. In our case the seller was also a city resident, and the agent was city-based.
Maybe it's harder to pick your own title co for rehab loans? Or maybe you don't use a title co at all? I don't know how that works.
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