Are Columbia and Lexington banks still lending for new construction?

In light of the current national and global economic issues, there seems to be some confusion out there about whether or not banks are still lending money. To find an answer to this question for the Columbia and Lexington SC areas, I decided to ask my friend and associate Todd Mitcham at BB&T Mortgage. I found his response refreshing and contrary to much of what we're hearing in the media or on the national level. So I'd like to share what Todd said here:

"We are still lending money the same as we always have. On construction loans we still do 95% loans and we still base the value off of the appraised value and not the cost (so if it appraises for more than the cost as it often does we give the client "free" equity). So, nothing has
changed.

The problem is that I've got no one asking for any loans. It is not that we aren't loaning - it is that no one is borrowing. However, I wonder if no one is borrowing because they think we are not loaning."

And I am wondering the same thing. But if you've read this, you now know that there are banking institutions right here in the Columbia and Lexington SC area that are lending money for qualified borrowers. Todd Mitcham of BB&T Mortgage is one that I would recommend. He has been in the mortgage lending business since 1992 and he has provided great service to many of our custom home clients. Todd can be reached at 803-251-1404 or by email.

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