Friday, August 17, 2007

The Bank and the City

I don't know what our City guy said to the Banker, but I absolutely love him. He spoke a long time on the phone with our banker and made the banker very pleased with the situation. I guess that's all that really matters.

So we can go ahead with the rehab loan as planned.
Bullet dodged.

Now on to the "Post Rehab Appraisal". This is where we tell the bank all of the work we're going to do to the house to increase the value. This part includes figuring out permit fees, material costs, contractor appraisals, and everything we add to increase the value of the (banks') property so that if both of our heads fall off, the bank can reclaim the value of the loan.

I want this in our kitchen:

Apparently is costs about $4k.

I need to figure out how to make it/find it at about 25% of that cost. It's the first real project I've got to start on. Wish me luck.

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