Loan closed; money released; building getting ready to start
We spent the afternoon today closing on our construction loan. With the financing all locked down, we now have a line of credit available to us from Conway National Bank to use for the building process. We will begin our draw process next week once everything has been booked. The first draw will cover foundation and site prep.
Our builder has been busy sending out the necessary pieces of our project for truss design and engineering. We are lucky to know our engineer, friend and future neighbor, Brandon, will be doing the structural engineering. Besides the engineering, I have processed our application for a septic permit with DHEC and that is in progress. Building permits are next, but we need the septic permit first.
We have our insurance policies updated for the build process — specifically making sure we have liability insurance to cover our family and a builder’s risk policy for the actual house. With both of those in place, we are in really good shape.
Here are the latest pictures from the land:
One Response to “Loan closed; money released; building getting ready to start”
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Tyrone Stoesz on July 14th, 2010
I think your write up was secretly a solid beginning to a potential series of blog posts about this topic. A lot of users pretend to understand what they are preaching about when it comes to this stuff and most of the time, very few people actually get it. You seem to understand it though, so I think you need to run with it. Thanks a lot!