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Ogden – Bank of Utah has created a new construction lending department. Construction loan veteran Amber Wykstra will head the new department as vice president of residential construction lending.
Bank of Utah’s construction lending department can facilitate all aspects of the new home construction process, including working with developers to purchase raw ground, doing local draws and underwriting, providing funding for contractors, financing builders, entitlement processing and long-term mortgage loans for homebuyers. The bank will focus particularly on smaller, local homebuilders to qualify for lots, specs and pre-sold construction.
“In the beginning of 2014 we expanded Bank of Utah’s strategic initiatives to include a fully-staffed and focused construction lending department, in order to accommodate the expansive builder and construction purchase markets,” said senior vice president of residential lending Bret Wall.
The creation of the new department follows a recent report from the U.S. Census Bureau that shows Utah was the fastest growing state in the nation for new single and multi-family home construction in January and February.