MandT Mortgage Corporation's
Statistical Experience Financing Log Homes
in 2004.
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Financing the construction of log homes for more than 10 years, M and T Mortgage Corporation has developed unique financing solutions to meet almost any customer need. The way we do that is through research and customer surveys. Our research has help provide demographics on consumer buying habits for not only MandT but you as well. Our results are listed below:
250 log home loans that closed with MandT in 2004 were used in obtaining our data. A comparison between the use of a General Contractor (GC) and the customer acting as the General Contractor (OC) is made through out. 92% of the homeowners used a GC, compared to 8% acting as an OC. Average loan amounts were $270,131 using a GC and $283,626 as an OC.
Of those surveyed, 6% or 15 loans did not own their land prior to obtaining financing. The average acreage of land for a log home was 8.4 acres (the largest from this survey was 95.624 acres and the smallest just .25 of an acre). Average square footage of the home was 2,329 sq. feet (GC 2,297 and OC 2,448). The average number of rooms in the home was seven (7).
Manufacturers normally require a deposit for their packages. 98% of our respondents paid a deposit with the average deposit paid being $16,683. The average log home package price was $92,525 (GC $91,846 and OC $100,784).
The average appraised value of the homes was $358,214 with construction costs of $268,257 (GC $266,617 and OC $288,197). This equates to $116 per square foot for a GC and $118 per square foot for an OC. The average loan to value ratio was 79.7% and the average amount of draws released was eight (8). 81% of the homes were primary residences.
The top five occupations of those surveyed were construction, retail sales, medical, public service and laborer (blue collar). The average annual household income was $73,047 (GC $65,950 and OC $63,352). The top states were New York, North Carolina, Pennsylvania, Florida and Virginia.
If you would like more information or detailed statistics of your customers please feel free to contact me directly.
John Kauffman, Account Executive
Log Home Division, MandT Mortgage
888-539-1160 Ext 8047
jkauffman@MandTBank.com
A Subsidiary of MandT Bank * Understanding what's important.®
AZ: Mortgage Banker #18073; CA: M and T Mortgage Corporation is licensed by the Department of Corporations under the California Residential Mortgage Lending Act; GA: Registrant #7289; IL: M and T Mortgage Corporation, One Fountain Plaza, Buffalo, NY 14203, Illinois Residential Mortgage Licensee; MA: Mortgage Lender #1119, Mortgage Broker #1634; NH: Licensed by the New Hampshire Banking Department, First Mortgage Banker and Broker #8083-MBB; NJ: Licensed by the New Jersey Department of Banking and Insurance. MandT Mortgage Corporation, One Fountain Plaza, Buffalo, NY 14203, (800) 724-2224; PA: M and T Mortgage Corporation is registered with the Pennsylvania Department of Banking; RI: Rhode Island Licensed Broker/Lender.
©MandT 2005 Mortgage Corporation
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