Island Cottage Lending

Formula260SS · 02-02-2007, 07:16 AM

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 · 02-02-2007, 08:32 AM

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 · 02-02-2007, 11:35 AM

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 · 02-02-2007, 03:51 PM

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 · 02-03-2007, 10:51 PM

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 · 03-08-2007, 09:49 PM

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

Parker Island Fun · 03-26-2007, 04:19 PM

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

hazelnut · 03-26-2007, 09:37 PM

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

02-02-2007, 07:16 AM	#1
Formula260SS Senior Member Join Date: Oct 2006 Location: NH Posts: 384 Thanks: 11 Thanked 76 Times in 51 Posts	Island Cottage Lending 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

02-02-2007, 08:32 AM	#2
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,360 Thanks: 210 Thanked 764 Times in 448 Posts	Mcsb 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.

02-02-2007, 11:35 AM	#3
Mink Islander Senior Member Join Date: Apr 2004 Posts: 753 Thanks: 59 Thanked 271 Times in 129 Posts	Builders to consider 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

02-02-2007, 03:51 PM	#4
lakershaker Senior Member Join Date: Jul 2004 Location: Rattlesnake Isl. - Simsbury, CT Posts: 271 Thanks: 90 Thanked 44 Times in 26 Posts	Island lenders 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...

03-26-2007, 04:19 PM	#7
Parker Island Fun Member Join Date: Mar 2006 Posts: 32 Thanks: 2 Thanked 0 Times in 0 Posts	We had good luck with Meredith Village Saving as well they were fast and the lowest rate around two years ago and we looked everywhere.

02-03-2007, 10:51 PM	#5
kimdaved Junior Member Join Date: Mar 2006 Posts: 16 Thanks: 0 Thanked 2 Times in 2 Posts	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.

03-08-2007, 09:49 PM	#6
dmjr Senior Member Join Date: Apr 2004 Location: Moultonborough, NH Posts: 273 Thanks: 2 Thanked 10 Times in 8 Posts	I would also try Meredith Village Savings Bank. I heard they are good when it comes to construction loans. Good luck!

03-26-2007, 09:37 PM	#8
hazelnut Senior Member Join Date: Oct 2003 Posts: 1,348 Blog Entries: 3 Thanks: 508 Thanked 462 Times in 162 Posts	Laconia Savings for us 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