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Claudia's Forum Posts: 67

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By Claudia in Glendale, AZ on 1/11/2006


I just secured a construction loan through IndyMac. How do I handle requesting funds for workers that don't offer an invoice or receipt. Does Indy accept a canceled check?

For example, the framers are just a group of guys with a set fee - not a company. How is this handled?

Or, if a buddy accepts $200 to help set up the plumbing?

What if someone wants to be paid cash (under the table) to offer a discount?

Are there tips and tricks for dealing with construction loans?


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By Roswell in San Antonio, TX on 1/11/2006


I too used Indymac to build in San Antonio.  Trust me when I tell you, they never asked for/nor required any invoices.  As long as your budget worksheet has a money for that item (e.g. framing, plumbing, etc.), you can request a draw.  You may have to move $ from one line item to another to cover costs and keep your project moving, but Indymac was superb when it came to draw requests, timing, getting their inspector out, etc.  They are by far the best funding source out there for HCLs (home construction loans) for O-Bs, like us.

 

good luck,

Ros


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Claudia's Forum Posts: 67

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By Claudia in Glendale, AZ on 1/13/2006


Thanks for putting my mind at ease!!
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Gary's Forum Posts: 6

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By Gary in Friday Harbor, WA on 3/3/2006


Claudia, wonderful pics on your website!
We have had a similar experience as Ros with IndyMac. The website they use is also an asset as far as tracking progress and requesting inspections. We went through our first deal with them 2 years ago, and now that we can get the tax exclusion, we're doing it again. Hardly any paperwork involved at all. Have fun!
Gary

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