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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