Browse Forums Home Finance 1 Nov 06, 2009 9:57 pm our bank wont release any money to the builder whom is owed 2 progress payments now, they wont release the money because we havnt got a pool contract??? yes the pool was used along withthe builders quotation when we went for approval but the builder is building our house not the pool thats a separate contractor can this happen?? Re: Construction loan Question?? 2Nov 07, 2009 8:58 am If the valuation the financer used was reliant on both the pool and home being constructed then yes you will need to provide both contracts as well as any other documentation (council approval / insurances etc) prior to any funds being released. Some things are worth waiting for. Re: Construction loan Question?? 3Nov 08, 2009 9:23 am okay yes it was used for the valuation but we havent borrowed anywhere near the valued ammount not even half!!! Also they have already released 2 payments to the builder but are now saying they wont release any more till they have the contract for the pool, if it was so important why didnt they demand it before any payments went thru??? The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 13513 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 31778 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 9174 |