Building
Financing/Construction Loans

Golf
Savings Bank is a major participant in residential construction lending in
the Puget Sound area of Washington State. Lynnwood Mortgage Corporation
(the company name until its conversion to Golf Savings in the spring of
2000) has specialized in serving the small independent spec builder.
The company has grown
from $2.5 million in construction loan commitments when it started the
construction loan program in 1987 to over $175 million in construction
loan commitments as of January 2003. Over that same period, Golf Savings
has gone from lending to ten builders to over 165 builders today.  It
has granted over $1.2 billion in construction loans since the inception of
its builder financing program.
Primarily, Golf Savings
Bank focuses on new construction lending in Snohomish and King Counties,
as well as Kitsap, Pierce and Skagit Counties. The company has always made
a concerted effort to finance builders who are targeting affordable new
construction for first-time home buyers.

Combined with the
bank’s expertise in obtaining permanent financing for these first
time-home buyers, the construction lending program has made a strong
contribution to affordable housing in the Puget Sound region.

Our growth in
construction lending is the result of our ability to give our builder
clients a fast response to their loan requests and a quick closing of the
transaction. Consequently, with building lots at a premium in today’s new
construction market, builders must have the ability to react quickly. We
speed the process further by utilizing two staff appraisers to review
prospective construction lending projects immediately.

Their knowledge of the
area and marketplace, combined with superior loan processing and an
in-house escrow agent that specializes in closing construction loans,
allows Golf Savings to enjoy a reputation for being extremely builder
friendly.

Loan
Parameters

Golf Savings
Bank gives an 80% LTV based on the appraised value, with 70% LTV’s on land
development loans. Decisions to grant construction loans are made on a
case-by- case basis and as mentioned above are underwritten by the bank
officers listed below.

Contacts
Anyone interested in a construction loan can contact:


Dennis O’Leary
425 712-4262
800 583-3086, ext. 4262
e-mail: [email protected] 

Charles Ainslie

(425) 712-4228

(800) 583-3086 x4228

e-mail: [email protected]

Please only send us your inquiries and requests that are not sensitive or confidential, since regular non-encrypted Internet E- mail is generally not secure.