Construction Loan “Approved”

by J Scott on May 12, 2014

We’re getting a bank loan for our construction costs on the house. We’ve been working with the bank for about a month now, and we finally got a conditional approval. Apparently, it’s pretty uncommon that those getting construction loans are managing their own builds, as the bank is requiring construction contracts and other documentation normally associated with using a third-party builder. So, we’re still working through those details.

The appraisal is scheduled for later this week, and the underwriter needs some additional documentation and paperwork before we get final approval, but the hard part is seemingly completed. Hopefully we’ll have final approval in the next week or so, and will be able to get the loan closed before we start construction.

{ 2 comments… read them below or add one }

Mike S June 21, 2014 at 6:33 pm

Hi J. Would you mind sharing the name of the bank who financed this? i am looking at a similar project for myself and am in the northeast.


J Scott June 22, 2014 at 7:33 am

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