Island Cottage Lending

[Formula260SS]

Hello All,

Looking for a lender in the lakes region to provide a fixed rate mortgage for an island property. We own a lot on Rattlesnake and hope to build in the spring.

Thanks for your help

[codeman671]

Try Merrimack County Savings Bank in Concord. I shopped around and they were the best. I did a construction loan package/land purchase with them and all went smooth. My neighbor on the island used them for her land loan as well.

Plan well, there is a lot to take into consideration when building on an island that you normally don't deal with. I would suggest making sure you have some extra padding built in for the overruns as they always happen.

[Mink Islander]

If you haven't selected a builder, I highly recommend R.J. Builders. They built my place, do only island work, and don't surprise you with additional costs. High quality guys who care about the final product, not just making $$. Builders inexperienced in island building (my landscaper, for example) will more likely hit you with surprises.

Private msg me if you want contacts.

Mink Islander

[lakershaker]

We are building on Rattlesnake right now. Meredith Village Savings was very easy to work with, and knows all about the islands. We got a land loan when we purchased, and then got a construction-to-permanent mortgage once building started. And, the rates were better than anywhere else - most other banks, if they lend for islands at all, charge a premium to regular rates.

Feel free to PM me with any questions on builders, process, etc for island building...

[kimdaved]

I would contact Profile Bank in Alton - We purchased an old lake house that needed lots of work and other banks would not fund due to the condition of the property. We asked for a contruction loan and now have a great rehab property. Good Luck.

[dmjr]

I would also try Meredith Village Savings Bank. I heard they are good when it comes to construction loans. Good luck!

[Parker Island Fun]

they were fast and the lowest rate around two years ago and we looked everywhere.

[hazelnut]

Laconia Savings has been excellent to deal with. They work well with Island Property owners as far as I am concerned. We have refinanced the Island Property through them as well.

http://www.laconiasavings.com/index.asp?id=81