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February 04, 2005
Closed the loan
We went to loan closing today - squeezed it in before shooting of to Disney World for vacation. With the closing behind us we can focus on having a little fun at the world
The closing was pretty straightforward. I've never done a construction loan closing so I wasn't certain what to expect. Just the closing attorney and many docs to sign. No one else since we already own the lot. The attorney and title abstracter are friends of ours so they helped us out with the fees. We got them a nice single malt and some Johnny Walker Gold label. I looked for Blue but they were out at Martin Wine Cellar.
This morning Jason and I paid our respects to Mel's dad who passed on Saturday. Steve was there and said that it was good to see everyone. I hadn't seen him since his last day at Whitney.
Now we can get to building! It hasn't quite hit me yet how much debt we're in now. This loan is about 3 times larger than the loan for our first house.
Posted by Sprinky at 02:36 AM | Comments (0)
February 01, 2005
Getting close
Looks like we're getting close to closing this puppy. The upshot is that we won't be paying that lot note anymore. Once that's gone we can put that cash into other things.
I've gotten the last of the documents to the lender and we're waiting on the final appraisal. I was pleased with the initial estimated appraisal, which will put our LTV at around 84%. In a year or maybe sooner, we'll get an independent appraisal done and say goodbye to PMI.
Posted by Sprinky at 12:20 PM | Comments (0)