Oklahoma's Lack of Revolving Lines of Credit Could Hamper Homebuilders

By Brus, Brian | THE JOURNAL RECORD, October 19, 2012 | Go to article overview

Oklahoma's Lack of Revolving Lines of Credit Could Hamper Homebuilders


Brus, Brian, THE JOURNAL RECORD


Central Oklahoma homebuilders are preparing for projected stronger market activity with lines of credit to provide flexibility for opportunities as they grow, local business operators said.

Unfortunately, revolving lines of credit, attractive though they might be to small homebuilders, are usually not options in Oklahoma, said Dusty Boren at 4Corners Homes in Oklahoma City.

"We would be extremely interested in a $2 (million) or $3 million line of credit," he said. "We have not historically seen that in the Oklahoma City market. ... We do have contacts in other states where revolving lines of credit is how all construction is produced. It's really popular outside the state of Oklahoma, but with larger lending institutions."

When Boren meets twice a year with a peer group of homebuilders from several other states, he said the same question keeps coming up: "Why do you not have a revolving line of credit with your lending institution?"

According to an industry survey of building permit applications across the metro area compiled by Dharma Inc. in Norman, the number of new homes scheduled to be built for the calendar year through September numbered more than 3,800, about 770 more permits than the same nine months a year earlier. This year's total is far ahead of activity for the last several years, records show.

Boren said smaller builders simply don't have the resource pools that they can dip into to match the strength and turnaround time of larger companies. …

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