Tuesday, August 26, 2008

The first draw request

Lighthouse submitted the first of 4 draws to have the bank send them cash to work on the house. We were a little surprised to find it in the amount of almost 200,000... This was not what we or the bank were suspecting.

Apparently, there has been some misinformation between the bank and the builder. This is the first new construction the builder has done, and it appears they didn't really understand how a construction loan works. You do the work then you get paid for it.

They wanted all the money for each sub up front, even though there hasn't been any work done on the lot yet. Not going to happen.

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