Day 60 - Power One Day / by eric teran

I met Brandie from Dominion Power and this might be the only thing that jeopardizes our move in date.  I kindly asked her to go as fast as possible. Let's hope she does. Other than that I noticed that the stone installers began placing the scratch & brown coat on the metal lath. This is a typical detail for installing stone or even stucco. First the sheathing, then 2 layers of #15 building paper, metal lath, scratch & brown coat and finally your finish material. Unlike this typical detail a construction loan is anything but typical.

Back in September 2016 BCT (Bank of Charlestown) told me the loan would be approved in 2-3 months. It turned out to be 4.4 months. Even so, this being my 3rd bank during this process I believe they offer the best rates with the least amount of restriction. Our lease where we live terminates in April of 2017 (this month!) and more importantly we are having baby #2 at the end of June. I was feeling the stress. This house has to be move in ready no later than May 15th so we can move in and paint the baby's room. I called BCT everyday asking for updates. Sometimes it was my fault by not providing the necesaary paperwork and other times I felt that they were not properly organized.

The loan is based off of the appraisal and at first the price came in at $630k. This was to low even with 90% LTV (Loan to Value). The appraisal from Citizen came in at $700k! It is amazing that two appraisals only two months apart have a difference of $70k! I asked the appraiser to go back and add a house and remove another one. They agreed but it still only appraised at $660k. It was not as much as I hoped but it gave me enough to build the house. I will just wait until after the house is built and refinance with a new appraisal. Hopefully it gets appraised around $750K and I can pay off all the loan and credit cards and have some money left over to invest in my next project. Yup I am already looking for the next one. Anyone care to join me?