Adapting to the Way Customers Want and Need to do Business
IS IT BETTER TO BUY A LOT AND BUILD LATER OR BUY/BUILD AT THE SAME TIME?
If you already own your lot, that’s great. But if you don’t and are looking to build a house and purchase the lot, it’s more advantageous to purchase the lot and do the construction loan at the same time. This saves you a set of closing costs as opposed to closing on one and then doing the other a year later. You also have the peace of mind knowing that at the end of the day, you are approved in tandem with your construction loan.
HOW QUICKLY CAN I GET A LOAN DECISION?
Besides providing superior customer service, our strength is our ability to turn an approval around quickly. If you called me on a Friday and said that you want to do a million-dollar loan for a house on the water, and I have all the information that I need from you right now, you’d have an answer by Monday morning. If it were on a Thursday, you’d know by Friday. Our speed in turning deals around separates us, and if you’d like to learn how that works, visit AllianceBank.com.
HOW MUCH HAS THE LENDING PROCESS CHANGED?
Technology has changed a lot. When I first started in this business, if someone wanted to borrow money to build a house or buy a piece of commercial property, they’d come in, sit down with us, and we’d hammer out the details. They’d gather information and there’d be lots of meetings. We still do that, and it’s one of the best things about my job. But you can go online and complete a loan application on your phone or computer just as easily, and that’s what many borrowers want these days. We adapt to the way customers want to do business. If they want to do it online, we do that. If they want to do it face-to-face, we love that.
ARE THERE DOWNFALLS WITH CONSTRUCTION LENDING?
The benefit of a construction loan is that you get to choose what you’re going to do, how you’re going to do it, and who you’re going to do it with. The biggest downfall is not getting the project completed the way you want it. We vet every builder we work with. If you want to work with someone we haven’t heard of, we’ll vet them first. The last thing you want is to get halfway through and the builder walks out, or you discover he’s not workable, he’s not paying his subcontractors, or the foundation cracks and you can’t get him to stand behind it. Knowing whom you’re working with is important.
IS THERE ANYONE YOU CAN’T HELP?
Some of our jumbo loans have tighter underwriting guidelines. The bottom line is that we want to do business with people who historically have taken care of their financial obligations. And we can figure that out quickly.
About the Expert
J. Corky Randolph – NMLS#430486
J. Corky Randolph is a 27-year resident of Rockwall and has 31 years of experience in real estate and construction lending, including 15 with Alliance Bank. He graduated from Dallas Baptist University and the Graduate School of Banking at the Cox School of Business at Southern Methodist University. Corky has three kids. He enjoys hunting at his ranch and golf.
Get in Touch
AllianceBank.com // (972) 771-7070