Last night we had another meeting with the lender and signed a whole heap of documents. The short version is they have to approve the construction loan and end loan at the same time since one rolls into the other, which means they have to do appraisals based on the specs of what the finished property will look like, etc. Since there are so many unknowns about our house, I'm a little nervous about how this is going to play out in terms of value.
Regardless, the person we met with last night thought that we should be able to close on the construction loan portion by the end of June, which would be great! Any time that we can "make up" is fantastic.
That's sort of all the news for now. Next step is to work with our contractor to find out what he needs to come out of the first draw from the construction loan, and we'll go from there.
Fingers crossed!
