In the interest of keeping this realistic, I am going to share more of our construction loan experience. I had been frustrated with Bank #1 since we started. The loan officer has been described by a friend as "flaky". She would call me one afternoon and ask a bunch of questions. The next morning she would call back and start the conversation with "I think we talked yesterday, but I have some questions". She then proceeded to ask me the same questions again. That is one example of several just so you know our decision to talk with Bank #2 was not an impulse one.
The second problem was that Bank #1 had never actually given us any money. Every time we called, the loan officer came up with something we needed to get done first. We would finish that and there was something else we needed to do first.
The paperwork with Bank #2 was 1/10 of what was required by Bank #1. The loan officer at Bank #2 kept asking us questions trying to find out the problem. She could not understand what Bank #1's problem was. We signed a couple of papers and started the proceedings all over again.
By this point we felt we would have been moving right along. Instead it turned into one step forward, two steps back. The story does not end there though. More tomorrow!