You’ve found the dome home of your dreams or you have plans to build one of your own; now you need financing to make it happen. Before 2008 it was relatively easy to qualify for a mortgage. Now mortgage regulations are very tight because of the 2008 recession. Most prospective homeowners — regardless of what they are buying — have a tougher time qualifying. With custom construction — like the Monolithic Dome — the challenges are greater. Even with these challenges, Monolithic Dome homes are being built.
It takes patience and perseverance. It is (and always was) never easy to build a custom home. Certainly not as easy as buying a cookie cutter spec home from a developer’s subdivision.
But it’s worth it.
It’s also true that commercial lending is challenging, but for entirely different reasons. For any business, church, or school, the process is often more about the business itself, or the donations from the congregations, or the bond passed by the school district. Qualifying for construction requires commitment by commercial lenders to the overall purpose of the commercial mortgage. In many cases, the Monolithic Dome is a huge advantage in obtaining financing because it decreases construction and ongoing costs.
We’ve never found a “one stop shop” for commercial lending. Instead, we work with the commercial and non-profit companies to help match them with potential lenders who have loaned in the past. Contact us at 972-483-7423 for more information.
Wells Fargo has a full-time person just to do custom loans for alternative homes — Sovann Kang. They can loan nationally in the US and is well worth your time to call.
Locally owned banks are an excellent place to start for residential lending. Having a good relationship with someone nearby who can see your face and shake your hand is often the best way to get a custom construction mortgage.