First of all, owner-built construction loans are few and far between so even finding Alden State Bank wasn't easy. Their application process wasn't too scary, and I called late last week to tell them we were ready for the first draw (50% of the loan) as our roof is on, windows and doors are in and everything is locked. "Cheri" (a real person that we really met, not an operator in India) said the inspector would drive by over the weekend and that we would close this week - and she was right. We have been so pleased, and our attorney said they were great to work with, too. Of course our attorney had his ducks in a row so that were were ready to fly as soon as the bank released the funds, but there was absolutely no delay by the bank at all. So now we can finish paying our current contractors and breathe a little easier. Until the next bill arrives ...
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| ~ a mom-n-pop bank that specializes in construction loans ~ |
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