Mortgage bank Envoy Mortgage is expanding its business to provide homebuilders with loan products through its new National Builder Division.
The Houston-based bank, which has locations in 47 states, plans to gain momentum from the resurgence in homebuilding by offering construction financing and loan products for builders and homeowners.
"Everyone knows the economy has been struggling and that pain was especially felt in the new home construction segment," said Suzanne Schakett, the senior vice president of the National Builder Division at Envoy.
"Those struggles did not necessarily have to do with homebuilders mishandling their business in any way, but rather with cash flow constraints from the banks and their inability to acquire interim construction financing, among other factors," she added. "Today, however, there is a renewed energy being felt in the industry and homebuilders are excited for the first time in several years."
Envoy's goal is to provide much needed loans for new home construction projects, while also working with the home builders' clients as they search for financing options.