Monday, April 27, 2009

The Loan (Ar)Ranger Rides Again!

Hi Ho Silver! Looks like we're back in the saddle, with finance on the way. I've been working with a new lender, and funds should be available to start construction in a few weeks.

I expect to hear back from the City of Pacifica either this week or next, with comments about our application, and after we resubmit it should only take one or two more weeks before we get the permits. If the loan funds in the same time frame, I hope that we can break ground on June 1st.

In the meantime, I've been cleaning up the site, which includes digging up loads of stinging nettles - fun!

Thursday, April 9, 2009

Baby Steps...

Finally received the remaining stamped plans from the office of Rocio Romero today - finally! at last! - and that completed everything I need for the building permit application. So as of 9.45am this morning, I have now applied for my permits! I expect to receive comments in 3/4 weeks, and permits a week or two after we respond to the comments.

Of course, I still don't have money to build the house. After Bank of Marin bailed on me (having worked on the loan for seven months!), I spoke to Chris, a former Kickboxing student of mine who is a senior mortgage officer at Chase. Since they are now my bank after their acquisition of Washington Mutual, I thought I might have an inside track on a loan. Yesterday, Chris called me with good news and bad news. The good news is, I have been pre-approved for a construction to permanent loan. Wohoo. The bad news is, the entire construction loan department was closed down, and everyone in it laid off, yesterday morning. D'oh. He might have a mortgage broker that I can work with, but that guy just left for Hawaii...

Spoke to Ed the Contractor yesterday, and he also had bad news. He now has a quote for the foundations from the guy he usually works with. Well, we've allocated $45,000 in the budget (this is to include site clearing, excavation and grading, foundation/basement, retaining walls, driveway and other flatwork, etc). But the quote was $77,000! Ouch! That hurts!

And in other news, Rocio Romero gave birth to twins last week. From the little I know, everyone's doing well.