Construction Loan Update
Yesterday I received a call from a lady named Gayle who is the appraiser hired by Guardian Savings Bank to establish an as-built market value for the Starter Home 2.0 project and was asked to confirm some last-minute plan and specification items needed to complete the pre-construction appraisal required to close on the construction loan. Some of the items discussed were floor finishes, counter tops, the driveway and garage. One of the things I was curious to find out was how the appraiser would go about identifying comps for the project with the lack of new single-family home construction in Pleasant Ridge. Gayle's response was that she would look to new construction projects in Oakley as a base line and was also extremely complimentary of Mike Brown Construction's work, which bodes well for the appraisal. I'm expecting the pre-construction appraisal to be completed early next week and hoping to be able to close on the loan by the end of next week.