Tuesday, March 31, 2009

A Hiccup

Well, rather more than a hiccup, actually. Yesterday, I finally heard from the Bank of Marin (with whom I have been working since last September) that my construction loan application had been rejected. Their major fear is that, as I am self employed, I may not be able to get a mortgage at the end of the construction process. Unfortunately, nothing I do or so will convince them otherwise, despite my stellar credit rating and despite the fact that I am financing 50% of the entire project myself. Crap.

So as far as financing is concerned, I'm right back where I started, at square one. Now I'm working with a loan consultant at Chase (which is both my business and personal bank) who used to be one of my Kickboxing students. Not sure if that will help, but I'm sure it can't hurt.

I still intend to push ahead with the building permit application. I was hoping to submit the application this morning, but I still haven't received my stamped construction plans from Rocio Romero. In fact, I got a strange phone call from my project manager early yesterday morning, informing me that he couldn't FedEx the plans to me until I had paid all of the associated fees, including the engineers fees. That's more than a little odd and unpleasant, considering that THEY HAVEN'T EVEN BILLED ME YET! Oh well, this is just one more obstacle for me to overcome.

No worries. It's a beautiful sunny spring day in San Francisco, and I have faith that everything will work out OK.

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