There's plenty to think about when it comes to building a home.
Whether it is the home you've always dreamed of, or a spec home that will reap dividends in the future, there's a seemingly endless string of decisions that must be made.
Chief among those decisions is financing. Coronado First Bank is there to help.
Choosing a lender that's local will not only ease the decision-making process, they will be there every step of the way. Coronado First Bank offers a full range of construction financing for both residential and commercial projects. Not only that, but Coronado First Bank has financing options once the project is completed.
"We offer one-stop shopping," said Michael Wastila, Coronado First Bank's vice president and commercial loan officer. "We can facilitate the loan for the construction, and then put in place permanent financing at competitive pricing."
Finding a building lot can be the first hurdle to those looking to build a home. Even in sprawling San Diego County, buildable land is scarce and in many cases extremely expensive. It is one of the reasons that small or obsolete homes on nice lots are being acquired and torn down by prospective homeowners.
Once the lot is identified, a home plan comes next. Architects can be expensive, but using one allows for more creativity with a good measure of control for the homeowner. There are also plenty of inexpensive, off-the-shelf home plans that can be obtained online or through magazines. Many can even be used as a springboard that allows for affordability and creativity.
Then comes the personal involvement as general contractor, which requires skills, time and desire. It can save between 10 percent and 20 percent of construction costs, but it means finding, supervising and scheduling subcontractors. General contractors have reliable plumbers, electricians and other subcontractors and understand the realities of a construction project.
While all these decisions are being made, financing the project should be well under way. That's where Coronado First Bank comes in. Coronado First Bank will pre-approve the loan at the time of origination. The bank will also pre-approve an extension option at substantially less than an asset-based lender.
"This is where Coronado First Bank provides a distinct advantage," Wastila said.
Being local is also extremely important. Since Coronado First Bank is locally owned and operated, decisions on everything are made immediately.
"When banks are headquarters in New York or Sacramento, there's no way those types of decisions can be made quickly," Wastila added. "If a project gets stuck, we are here to work through the situation hand-in-hand with the borrower."
Working with an outside bank can be cumbersome, he said. Coronado First Bank knows the market, contractors and appraisers, and best of all, the bank is there every step of the way.
"We develop a relationship with all of our customers," Wastila said. "That's just how we like to do business. All problems are solved right here, face-to-face."
Coronado First Bank has become a leader in construction lending throughout San Diego County. For more information call Coronado First Bank at (619) 437-1000 or visit the Web site at www.coronadofirst.com.
Submitted by Renee Hinton, senior vice president of Coronado First Bank