Friday, November 28, 2008

As per usual our butts are being pulled out of the fire by interim financing arranged by Helen, the Credit Union goddess, as well as a loan from my Dad. Between the two of them we have enough money to see this project through to completion. *whew* Good thing we have people who love us! :)

3 comments:

Shasta said...

This was the kind of financing issue I was worried about, if we were contracting ourselves. I don't know if we would be able to get interim financing...

Heidi said...

It is OK if you're building a very simple bungalow, in the city, with no heat pump, no porch, no fireplace etc. It is just that their "formula" is really restrictive. They give you nothing in the draws for well or septic, porch, fireplace etc and not enough for heating...but then you make it up in the end as they give you more for finish work etc. It is an entirely stupid system...if you want I can forward you the form the CMHC inspectors use (which my bank just gave me) and you can use it to figure out how much you will get for each item.

Shasta said...

Maybe I will get the form from you. Since we won't be building in the city and need a septic, well, etc, it would be nice to see what we are up against as far as financing goes.