One of the repercussions of the housing crisis of 2007 through 2009, is that most of the major banks stopped offering construction loans for new construction. Construction loans, which typically require the most experienced lending officers and offer the most risk, were deemed to be not worth the investment of time and money.
Ever since, log and timber home buyers seeking to build typically have to finance the construction portion through their local credit union or savings and loan, or through home equity loans on their current home.
Thankfully this changing. M & T Bank Corporation, headquartered in Buffalo, N.Y., has revamped the company’s One Close Construction loans and are actively pursing buyers in the log and timber home market.
“We offer a single- close rollover loan for construction,” says Gina Haubert, banking officer with M&T Bank. “Interest only payments on the amount of funds disbursed, with offer of six, nine and 12- months terms. With up to 90% loan to value.”
M&T Bank’s construction loan program is available in the following states: Connecticut, District of Columbia, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, West Virginia, Indiana, Kentucky, Maine, North Carolina, New Hampshire, Ohio, Rhode Island, South Carolina, Tennessee and Vermont.
Visit www.mtb.com or call Kristina Albright, Residential Mortgage Sales Manager with M&T Bank.
M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. It operates more than 800 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut.
M&T is ranked #455 on the Fortune 500.
M&T Bank has been profitable in every quarter since 1976. Other than Northern Trust, M&T was the only bank in the S&P 500 stock market index not to lower its dividend during the financial crisis of 2007–2008.
The bank owns the Buffalo Savings Bank building in downtown Buffalo. M&T Bank also sponsors M&T Bank Stadium, home of the Baltimore Ravens. M&T Bank is the official bank of the Buffalo Bills in Western New York and of their home Stadium New Era Field in Orchard Park, New York
Wilmington Trust is a subsidiary of M&T Bank Corporation, offering global corporate and institutional services, private banking, investment management, and fiduciary services.