This is a sampling of the phrases we have heard from banks this week: “this is a unique property,” or it would be a “risky resale if you default,” or it is all “dependent on the appraisal” or, we are “running out of options.”
The bank, who we have been working with since April kept saying that the construction loan closing should happen within a few days, so readers of this blog know we started construction. Last week, as we completed the pouring of the foundation walls, they implied that we would not get funding, then just today, they said, “I will continue to look for options outside the bank and I am sure you will also. If I should find any other options I will let you know.” So here we are with beautiful foundation walls and no funding. We have now met with 6 banks. Our best hope is a Community Bank who says they are “willing to go out of the box.”
The appraisal used comps that were half the square footage of our plans, they were not on an airport, did not include a 2000 sf heated hangar, and were not timber frame. Thus, the appraisal came in lower in value than we needed in order to qualify for an 80% construction loan. We have exhausted the pittance we made on our North Carolina home and don’t want to stop work so we are doing what we can to continue to move forward.
This week, we worked on painting a lovely thick tar on the walls to waterproof them. After this treatment, comes a plastic wrap, then some sort of styrofoam the gravel and french drains then more gravel. Overkill perhaps, but I have lived in a leaky house before so I am not complaining!
This weekend, we will continue working. We have friends and family coming to pitch in. If you ever want to come spend a few days or even a few hours helping and having fun, please just email us and we can tell you what’s on the schedule as far as tasks and when we could use your helping hands!
Enjoy the beautiful Fall temperatures!