After getting verbal approval from the bank, we have been moving along with quite a bit accomplished thus far. I called to check on the status because the date to pay off land was 1 Jun per the agreement with the land owners. The bank missed the date and then said by 1 July .... so when that date passed, I was getting a little concerned.
The 'package' as they call it got all wrapped up and sent before loan committee which we thought would breeze through. Well, one person is being nit picky about silly things and so more back and forth with documents. (they now have like 5 sets of various paystubs so not sure if they think that I'm loosing my job since it is still the same as the previous month). Other oddball stuff but after about 1.5 weeks, I think we have everything worked out. Not. It now has to go before the president of the bank (they have 20 branches so not small). I was surprised at this because this never was discussed so not sure if a good thing or not.
A few days pass and the loan officer informs me that evidently I have the largest owner-builder construction loan they have ever processed in the history of the bank. Oh My Gosh!
Finally I get the call from our loan officer that the ExecVP (#2 at the bank) and a Regional Sr VP want to meet me at the property. Not sure if that is a good thing or not but am thinking positive. I meet with them about 1pm in the afternoon, I'm in work clothes running the excavator and they are all decked out. We met for about an hour and they 'quizzed' me about construction and various processes in the permitting area. I answered all of them and had a good conversation. Before they left, the ExecVP, Bob, told me that he wants to put my stress level at ease and the bank is going to approve me. Awesome, thank the Lord!!
He said that we should have the money within three weeks which is just in time to pay my large credit card bills. I'm hoping all comes through. Stay tuned.
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