HELP HELP!!!!! M3trlcon vs banks

Hi Guys,

I need some serious help. I'm building with M and we are all basically almost finished up with everything except our finance. My finance provider wants to obtain the Council approved building plan first before they issue out the loan docs. Now, M wont issue out the council approved building contract till they receive the signed loaned documents from my finance providers (which is in my contract). And I'm just caught in the middle.

Just would like to know, what's the norm on this. Do builders release council approved building plans 1st or is it the other way around? Does the banks issue out the loan docs and then receive the council appoved plans? Time is of the essence here as I only have another 3 more weeks, until M starts charging me on a month by month basis of around $1K+. So if anyone can help out that would be great.

Thanks,

With us we got pre-approval documentation with the help of our mortgage broker that we provided to our builder. Hence the loan of course was conditionally approved.
Once our builder obtained the permits we then forwarded this on to our broker/bank who then provided us unconditional approval on the loan.

So basically the builder needs some form of proof that you are getting approval done and the bank needs to get a hold of the permits etc from the builder before they will give you an unconditionally approved loan.

Hope this helps.

hi there

if your banker is doing that to you then the banker sucks....

Most bankers would only require a preliminary contract to to preapprove you and thats all you need for metricon to go to contract.

When you go to contract you will need to sign a form to say that you have secured finance then give the bank a copy of the contract and then they should release the funds.

I've never seen a banker that requires formal council approved plans....before they release funding. THey just require a fixed price contract.

Let me know if and i can point you to a few bankers that will be alot more accomodating.

good luck

smeags.

We went thru the big M and had no issues with finance. I think that it is unreasonable for the builder to get the permits before signing on the dotted line.

Perhaps it might be worth talking to a broker.