Last time I wrote about St Joe we had decided to switch to a local bank for construction financing. What we were trying to do with the initial bank didn’t work out for a couple of reasons:
- They were not giving us the proper value, in our opinion, for our lot based on the appraisal.
- The closing costs were extremely high based on their tax and insurance estimates.
The local bank we have dealt with before worked with us and made what would more than likely have been a difficult process with any other bank very painless. After just three weeks, we were able to close on the construction loan. We will be handling our own escrow and for insurance and taxes we have solid figures for budgeting purposes.
The next steps…Our builder will start site preparations and apply for building permits. The clock has started and I am hoping for the build to be complete within the next four months.