So today marks one week since we closed on our construction loan, and we still cannot get any money...
Is this a clusterfuck, or what? I think definition #3 in the Urban Dictionary applies here.
I spoke with someone from the bank yesterday. They asked me to FAX a copy of the building permit. They did not know at the closing that this would be needed?
And on Monday, someone came out to do a plot plan. He spent about 5 minutes at the property, and we were charged $500 for this "service".
Now, we have learned that someone has to come out and inspect the work that has been done so far, before the funds can be released. This inspection will reportedly happen on next Thursday, and we have been promised actual money on Friday. We will, of course, be charged $$ for this inspection (and for every other inspection that has to occur each time we request a "release of funds")
In case you did not know (which I did not until we started this thing) a construction loan works like this: You are not given the total of the money that you are approved for in one lump, but rather, in several pay-outs as the work progresses. And you have to prove that the work is actually being done in order to receive the payments. You are given a loan schedule that lists the various components of the job - like framing, roof, foundation, etc - with estimates of their cost (provided by your builder) and as each component is completed (and verified by a bank inspector), you are awarded the money.
I am ending this post with a couple of photos to leave us all in a sunnier mood. I am imagining spending time in our future living room, enjoying the sun streaming in through our lovely energy efficient windows.
Pumpy, who remains relatively un-perturbed through all of this - although she does not like being in the house when air nailers are being used - tries her hand at basking in the sun on the porch.
She is such a Zen puppy. In my anthropomorphizing mind, her thought goes something like this. "Oh, here is a nice patch of sun - let me just lay down and take a nap while I wait for my humans to get done and take me home..."