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Home Improvement, Design, and Decorating
Reply to "do architects generally dislike renovations using construction loans?"
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[quote=Anonymous]I think some GCs and Architects don't like it because a construction loan enforces additional checks and balances, especially if buffers are slim for the contractors. Our contractor originally wanted multiple draws a month, for example-- the bank will do one. The subs may not be familiar with doing mechanics lien releases (or partial releases). The bank will not accept a bill with "materials, miscellaneous"-- they want to know what was ordered, how much is a deposit, what materials they should see on site, exactly what labor was performed. And then they also send someone out to inspect before issuing the check. I am sure that the GC would have been happier if we had just gotten a line of credit and paid for the build on their terms. Our architect didn't care.[/quote]
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