Flashback — The Lender, part 2

In mid-April we called our real estate agent friend, and he recommended a well-known local bank.  My wife filled out the on-line application, and within a week we had a prequalification for only slightly less than our hoped-for figure, and enough to work with.

Of course, we had to collect and submit the mountain of paper again, with updated monthly statements (since a month had passed).  This loan officer was much better at keeping us informed.  We still needed the all-important appraisal.  It was finally done in mid-May — just enough so that 80% would cover our loan amount.  Success!

We had a couple more hoops to get through: approval from the underwriter and final approval from the bank.  The loan officer assured us that our application was strong and that approval was almost certain.  Sure enough, the final approval came through, and the loan closing was scheduled for May 31.  We informed the builder, and he responded that construction would start the first week of June.  Then, right before closing, he told us that another project had been delayed and he would be starting on June 1, and would have the site staked out on May 31.

We went to the attorney’s office that afternoon, and signed our lives away (or so it seemed).  We’ve been using this lawyer for our real estate matters for years, and he was interested in our project and what led us to Chestertown.  One item of particular interest in the pile of paper was the draw schedule and draw request form.  I made a note to review this with the builder the next day.  Afterward, we drove out to the lot and I photographed the stakes.  I made plans to be out there not much later than 7:30 AM the next day, the estimated start time.

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