Lender Speak: Tips For Choosing A Contractor

You’ve picked out your building site, you have your house plans and you’re ready to build a home. Congratulations! You must be excited! New home construction is one of the most exciting projects that our lenders get to work on. It’s also one of the most complex and has potential to be frustrating. That’s where a seasoned lender and a good contractor come in. VCNB employs some smart lenders who have been in this line of work for a lot of years. Today, we asked a few of them to weigh in with their tips for choosing a good contractor.

“My best advice is to take your time and ask lots of questions. First, get an estimate from more than one contractor and look at their history. You want to use a contractor with a solid history and not someone doing their first job. Another important thing to do is to look at other jobs they have done.”
Fred Wright

Fred works at our VCNB Loan Production Office on Veterans Drive in Jackson.

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“Interview and meet with a lot of different builders. Look for a builder you will connect with and who you trust will meet your expectations.”
Donna Kopis

Donna works at our Friendly Bremen Banking Center on East Main Street in Lancaster.

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“Choosing the right builder is the biggest decision one will have to make when building a home. I suggest speaking with multiple builders. Then choose one you feel you can trust to build the home the way you want and in a timely manner. It is vital to choose the builder who communicates clearly with you.”
Chris Coryea

Chris works at our Canal Banking Center on Prentiss School Drive in Canal Winchester.

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“I have been fortunate to be involved in construction lending for nearly 20 yrs. Though customers may not realize it, a seasoned construction lender can help the process of building a home go smoother by helping them avoid common pitfalls and helping maintain the relationship between customer, lender, and contractor. Customers should be prepared to do a good deal of homework up front and that includes choosing the right contractor. The wrong contractor will make the project a nightmare very quickly and a struggle to complete. I encourage the customer to ask for references from the contractor and go look at some of their work including some projects that are in the process of being completed. Also, ask your lender about the contractor you are considering. If the lender is not familiar with the contractor, they will need to meet to make sure they are agreeable to our procedures. Those procedures are there for a reason and can help make sure we get a finished project. Ultimately, the customer and the bank are at risk until we get a finished project and neither of us want an unfinished home.”
Joe Risch

Joe works at our Pickaway County Banking Center on Court Street in Circleville.

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