Here is an interesting article we found in Professional Builder Magazine written by Bill Lurz, Senior Editor.
Enjoy!
Finance Solutions to the Rescue.
Desperate times calls for creative measures when it comes to financing home building projects.
Builders desperate for new sources of capital are turning to new kinds of private investment sources. Pensco Trus Co., chartered in New Hampshire and headquatered in San Fransisco, is one company making this opportunity work for builders.
Pensco administers more then $3.3 billion in retirement assets. “We can’t directley promote any particular investment,” says CEO Tom Anderson, “but we link to Web sites where builders can post information about projects. Two new portals have just launched within the last 60 days: www.nationalalt.com and www.iravestor,org.”
“Our clients can invest in anything except life insurance, collectibles and the stock of subchapter S companies.” Anderson says. “Everything elese is free game, including real-estate. They can extend loans to builders or do join ventures to share in teh proficts from a project.”
MetLife Joins Mortgage Lending
Early last fall. MetLife acquired First Horizon’s mortgage business and converted it into MEtLfie Home Loans, now headquatrted in Dallas. “We’re part of MetLife Bank, whick is out of Bridgewater, N.J.,” says Senior Vice President Dan Schmidt, who runs the national builder division. That division is already creating new programs, such as rate buy-downs, to help builders sell houses.
“We just rolled out a new offering of jumbo loans,”Schmidt says. “MetLife is in a great position because there’s nothing in its portfolio that’s toxi –no sub prime mortgages or construction loans on failed projects.
Check out www.metlifehomeloans.com