I got this e-mail today from the preferred lender for Trace. I’d prefer to use my own lender but am now worried about some of the issues they mention below. Are they legitimate concerns or simply trying to steer business towards their lender?
Hello Trace Buyers-it was nice to see you all at the event a couple of weeks ago! I look forward to working with you all as you move closer to solidifying the purchase of your new Trace Loft. There are a few crucial pieces of information that you should know as you prepare to purchase your new loft.
“BE IN THE KNOW”
1. You should prepare to liquidate funds for your 5% earnest money deposit. If you have not already solidified funds, First Horizon can help you. We have an option for paying for your earnest money deposit. We can finance your 5% deposit by using a home equity line on your current home with no closing costs options and competitive interest rates.
2. As you move closer to purchasing your unique home, you should know that financing for your new Trace home is also very unique. First Horizon is best suited to finance your new Trace home because our bank has solidified special project financing and is exempt from Fannie Mae approval (1027 and 1028) required from most other lending institutions, especially brokers. First Horizon has set up an efficient, proven system in coordination with the developer, sales team, appraiser, title and escrow company to ensure a smooth closing for you and your family. Being the preferred lender on this project, gives us the insight that no other company can offer.
3. First Horizon is a 150 year old company with over $40 Billion in assets and as such, we have negotiated special bulk pricing for Trace. Once you sign your purchase and sale, we will be able to guide you to the right financing vehicle that best fits your needs and goals.
- The parking may be a challenge for your non-preferred lender to finance because it may not be done for Trace lofts when you move in. First Horizon can finance your new Trace home regardless of whether your parking place is completed or not.
- There is a $50 per page penalty for a non-preferred lender to get the project approved and $50 per day if your non-preferred lender does not close on time. First Horizon is already approved for your convenience.
- Trace will have a temporary certificate of occupancy for this project. First Horizon can complete your financing on your new Trace home even though there is not a completed certificate of occupancy.