Would appear I jinxed myself with my overly positive post last time. As it wasn't but a few days later when we had anticipated closing on the construction loan that I get a call from my banker saying that due to a FDIC consent order, they can no longer loan out money. Its a lengthy explanation, however, basically, the bank is not doing well, and they can't lend.
So much for being ahead of scheduled and things running smooth. After a couple of days of calling other local banks, began to get the back-up financing in place. I was really never worried about getting approved - however, it was more of a question of timing - as in how long would it take to jump through the customary hoops to approval.
So far, it appears we will lose 2 and 1/2 weeks total - as we got derailed Oct 4 and hope to be back on site Oct 19-20. So not terrible - but given the time of year - far from ideal. We won't close on the loan for another 14-18 days - but it has been approved and through the underwriting hoops. Hopefully the weather averages hold to form, and the first measurable snow (1+ inch) doesn't hit unitl the avg (Dec 5th) or later.
In the end, the new bank will likely work out better than the other, as they are more local and it just seems to be a better arrangement
No pics, as no progress.
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