It's been three months since I began loan processing with XXX bank. It is likely the institution I will be getting my loan from. Three months. Three.
Yes, rediculous I know but what options do I have at this point? Four banks have decided small residential development is too risky for them right now. And one bank was giddy with excitement though they wanted a pledge of assets that was far beyond anything 1) decent, & 2)possible.
So, I do the paperwork shuffle and I smile and I wait.
I worry some about my slipping construction schedule and the resulting post-summer market for the sale of my house. Most of my rational for the success of the project has been based on making the late-summer marketplace. That is not possible now.
What to do? I could wait, start next winter. It would possibly be a good thing to let the uncertainty of this year's economics run some direction: up/down.
I could cut my losses and put the property up for sale and hope for the best.
Or, I could forge ahead and be successful at this project regardless. Regardless of slow loan processing. Regardless of greater uncertainty in a late-season housing marketplace. Regardless of what could be considered better judgement at this point.
I have tried to mitigate as much risk as I can and I think at this point I have reached a time when things start to swing back the other way a bit. I also am a first time developer and maybe all of this so far is just what comes with the job.
We shall see.
Hugs,
dean
2 comments:
Weiner,
Sounds somewhat grin and tenuous, my friend. You might want to drink more beer or schedule a trip to A2 sooner than later.
Hang in and whatever you do--don't let your meat loaf.
Bob
A couple other things:
1. You might want to try a bank other than the neighborhood porno shop for a loan. Your XXX bank thing didn't fool me for an hour.
2. Your photo in this post looks like you've been caught doing something bad. It doesn't help that you that guy standing next to you has a somewhat uncomfortable smile. Need I say more? Can we please get some construction photos and leave the boy toy photos for later.
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