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HouseRaising Teams Up With SunTrust Mortgage
By James Comtois
HouseRaising Inc., a Charlotte, N.C.-based manager of custom home projects for affiliated builders, has formed a strategic agreement with SunTrust Mortgage Inc., a wholly owned subsidiary of SunTrust Bank.
Under the agreement, SunTrust Mortgage secures the opportunity to finance the construction as well as the permanent loan phase on all homes built by HouseRaising or one of its affiliated builders.
HouseRaising had been looking for a construction-permanent product that would have wide appeal to potential homebuyers and chose the one offered by SunTrust Mortgage. A key component of the SunTrust Mortgage C/P product that appealed to HomeRaising was SunTrust Mortgage's one-time closing feature.
With construction loans, there are typically two closings, one for the construction phase and another when the home is completed. SunTrust's C/P product simplifies the process for the borrower.
"We wanted a C/P product that offered savings to our customers and a loan process that was as seamless as possible," said HouseRaising CEO Gregory Wessling. "In addition, we like the way SunTrust Mortgage administers their construction loans. All the processing and underwriting for our customers will be handled locally and that's important to us."
HouseRaising functions as general manager of projects, assisting affiliated builders from design and cost estimation to construction. Utilizing its internal use software, HouseRaising assists builder-members who have expanded their membership relations to become affiliated builders in improving the quality of the home while lowering the overall cost.
Though HouseRaising believes the knowledge alone is sufficient to attract builders, members also buy materials, equipment and insurance at wholesale prices. HouseRaising has developed Disaster Relief Homebuilding Management Software, a system that offers affected homeowners as well as homebuilders, funding agents and government agencies a step-by-step solution for rebuilding each individual home.
HouseRaising is also in the business of building custom homes.
Ken Pack, senior vice president at SunTrust Mortgage said in a statement that this strategic agreement allows the mortgage company to expand its footprint in the custom home sector of the mortgage industry. "We're excited about this agreement with HouseRaising. They have an excellent reputation in the custom home arena and we're delighted they chose to partner with us," he said.
As HouseRaising expands its builder relationships nationally, SunTrust will provide mortgages for its customers.
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