As it turns out, there are very few construction loans in general. In this financial market, only about 50% of regular home loans ever make it to closing for one reason or another. So, we are talking about a small percentage of a small percentage here, and it was pretty evident that nobody really knew how to do it. There were 3-5 phone calls from the closing officer to the bank officer in the middle of settlement.
Money went from us to the bank to the title company and back to the bank. It really was a clown show.
On the good side, Trident did the stand up thing and gave us a discount on the points that were placed in the loan. They did not have to do that... and it makes a big difference for us.
Contractor was happy, bank was happy, we were happy.
so, all in all, it was a successful plan.
And, now that we have the moolah locked down, we're pretty much locked on the exterior.
Here is the latest:
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