If there is anyone you need to impress on this journey, it’s the banker. He has the money!
Since the mortgage industry changed so much with lending since our last house in 2004, it’s harder to find a local bank willing to lend to owner builders. Most want a GC who is licensed and its their career to build homes. Taking a chance on an owner is risky in their eyes.
So, I went “old school” and started our meeting with a copy of my résumé for the construction loan senior Vice President to start the meeting out. Why should he put his money on me? It shows 18 years of recruiting experience at several Fortune 500 companies. I have a long history of hiring the best in class people. I recruited all the subs on our last house that we built successfully and I plan on doing that on this house. A lot of prayer for direction is key!
So far, I have hired the best design firm, civil engineer, surveyor and septic team. I have been interviewing and getting quotes for all the hard costs on the house. Those numbers go into a cost breakdown worksheet for the bank.
I gave W-2s and all assets info to the bank to see what kind of loan we qualify for and an appraisal of the house plans and land will play into it as well.
I am hopeful the banker will take a chance on us as owner builders. Good news at the end of our meeting he said I was quite a dynamic lady!