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Posted by Brad in Springfield, MO on 3/6/2020 6:23:28 PM

We need to prepare for our meeting with B&G Drafting on Monday, March 9th.  We close on our 6.47 acres lot on Monday as well.  We have talked with two banks that will do a construction loan for us.  One at 4.99% and the other at 5.375%.  The lower rate one charges a $375 fee and requires draws through a title company who charge a $500 fee to set it up and a $35 fee per draw after the 5th one.  The higher rate has a 1% fee capped at $2000 and unlimited draws.  Need to find out how many draws on average are done. Also check with higher rate bank to see if they'll match or beat the 4.99%.  Wish could get a construction to perm loan with today's lower mortgage rate locked in.


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