Back in Sept '07, we went to the credit union, after doing our homework about alternative finance we decided to stay with our credit union of which we are long term members for our construction loan.
Got pre-approval, sent paperwork of this to builder, which they needed before committing to our contract (fair enough), our understanding was that when we were ready to start drawing down on loan we just go back into credit union to activate it.
So, more delays in land titling, land settlement finally goes through in Feb 08 and construction starts shortly after.
Up till this point in construction we have not needed borrowed funds but get to the stage now where we have used all our own money and go into credit union to activate loan for frame payment. So, in we go - only to be told No, that approval is now over 6 months old so you have to re-apply.
We then had to wait nearly a week for an appointment with loans officer to be available and after that another week for paperwork etc to be re-drawn up and possibly another week for their inspector to check the site
Meanwhile building compay is on our backs wanting payment, "we are a small volume builder, limited cash flow" etc.
AAHHHHH!!
PS: what if loan doesn't get approved on 2nd application?????
Frame is already up!!!!
Luckily for us this is highly unlikely as our financial postion is quite secure and nothing relevant has changed.