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September 14, 2007
As reported in the past we have now added quality construction loan partners to our website.
Borrowers and home builders can now contact Citi Mortgage Group, who will provide them with expert advice on all types of construction loans in Texas.
August 22, 2006
All good things must come to an end, and the Mark 1 Mortgage partnership has become the subject of the same rule. After 11 long years, one of the partners decided to call it quits while the other partner decided to build on the past success with some new ideas and take the company in new directions and levels not seen before.
Construction Loans, will remain our specialty and the further development of the website has already gone through its preliminary stages.
In order to better monetize the website, it was decided that we will concentrate on expanding our reach in California and sub lease all other states of the union. This will provide for a larger advertising budget which will allow us to further develop the Construction Loan Center website as well as our sister sites, which in turn will provide better value for both our California business and the business of those who will be renting their state's pages.
The most important change is going to be our company structure as the Construction Loan experts will merge with RCI Funding which is a long established mortgage banker and originator of residential mortgage loans. We are very exited about the prospects of the new partnership which we are sure will surpass our past achievements.
Being in a highly regulated industry means that the total transformation will take some time. Most all legalities have been completed, pending one more approval, which is imminent. Our target date of transformation is 1st of September, though all business generated before that date, including all construction loans will be closed under the Mark 1 Mortgage name.
We will of course keep you informed of the developments, and hope that the Construction Loan Center website will become an even more useful tool for all our visitors from across the nation and not just those visiting from a limited number of states.
September 7th, 2005
Today we launched, what we are hoping to be a very successful, Blog.
Strictly speaking it is not going to be a blog in the common sense of the word but rather a very extensive construction loans, frequently asked questions and answers that we are having edited right now.
The new page is located at: http://www.constructionloancenter.com/articles/
August 15th, 2005
Following the July 18th announcement we are pleased to announce that an other investor that had stopped high loan to value construction loans is now back with an expanded matrix offering high LTC loans.
July 18th, 2005
The biggest struggle in obtaining construction loans has always been the limitations imposed by the Loan Cost Ratio with restricts the loan amount to a certain percentage of the total cost of construction and varies anywhere between 95% and all the way down to 75% in the high loan amounts.
One of out investors which use to have the most restrictive loan to value ratios has now re-written it's construction loans guidelines to allow 95% LTC for all loan amounts op to a one and a half million dollars.
It goes without saying that this has created a great deal of excitement as we were unable to help a segment of the construction loan borrowers who had no alternative but to obtain low quality, high rate loans. Now they have access to a high quality loan at very competitive rates and fees.
These high loan to value construction loans loans are currently available in California only. We are working hard to make them available in a larger number of states by spring of 2006.
March 15th, 2005
The new, current, version of the construction loans site is launched. Our focus has been the creation of the most useful website on the internet that aims to enhance every visitors experience.
Since such a site carries such an immense volume of information on the subject it was decides to add the panel on the right side in order to accommodate snippets of information drawing our visitors attention to useful pages that they may have missed.
January 7th, 2005
Construction Loans Center is to get a new skin.
Since the launch of our website in 1999, thousands of visitors have benefited from the information contained in these pages. However the present design has become somewhat dated and it is in need of a face lift.
The new site will have a fresh look but the contents will remain the same for the time being. Slowly but surly construction loans will be even better explained as we will start updating the content.
January 15th, 2005
New site design is nearing completion and scheduled to be launched by 15th of February, 2005. Enhancements for the new site include but are not limited to an interactive help interface and a sophisticated calculator.
Construction loans are calculated using more complicated methods than regular mortgage loans and as such the loan amount calculation normally needs a sophisticated spread sheet that is not available to the average borrower. This problem will be solved by construction loan center's exclusive calculator.
The help interface is based on a sophisticated software that searches its knowledge base in response to questions typed in by visitors and presents answers. At the beginning it will have a limited knowledge base and will refer some questions to human editors. As the new answers are being inputted by the human editors the system adds to its knowledge base and starts expanding its capabilities. As time goes by the system will "learn" more and more about construction loans and will eventually become autonomous.
We are hoping that these enhancements will become available some two weeks after the launch of the new site.
November 30th, 2004
Construction Loans are becoming ever more popular but most people have difficulty understanding how they work. This is made more complex by the fact that unlike conventional loans, every investors uses a different formula to calculate the loan amount.
To better serve our clients needs we have embarked on programming a new page that will ask the visitor some basic questions and then calculate all the various options available under 4 different construction loan programs.
This new page will be available by Mid January 2005.
October 10th, 2004
Construction Loans Center is pleased to announce the addition of a new investor to our already extensive line up.
A very unique program that is offered by this new investor is a variation on the theme in that the permanent loan rate is determined at close of escrow but the construction period loan is set at prime plus one.
Under the guidelines of this program there is no need for an extensive contractor package. All that is required from the contractor is to supply a copy of his or her contractors license and to sign the disbursements agreement.