Bank Update

We’re still waiting to hear back from the underwriter about our construction loan. Our permanent loan, which starts after the house is constructed, is ready to go, but the loan for the actual construction is still being held up.

Why? It seems that the bank doesn’t like the fact that we’d planned on leaving a few finish items, like the upstairs hardwood floors, out of our loan. We’d told them all along that we wanted to pay for these things out of pocket to keep the amount we are borrowing lower, and they never had a problem until now, right before we’re supposed to close.

We’ve faced a lot of hurdles during this process, but these latest ones thrown up by the bank have been the most frustrating. This too shall pass, I’m sure. Let’s just hope the lot is still there when the bank finally does let us close.

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