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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]We did design/build on a $1mln renovation. ABout $700k was a construction loan. The lender and buildre worked to establish a draw schedule, then for each draw the lender paid 70% and we paid 30%. The firm we used was big enough where any lender paperwork was done by the accounting people, so I doubt the architect cared at all since it didn't affect them. I also hired an independent inspector to come in every 2-3 weeks to look things over. That was worth every penny. The lender's people are just appraisers who look to make sure the draw milestone is met, like "foundation complete", but my inspector was the one who pointed out little details like a missing step footing, and another deviation from the drawings. Same with smaller draws like one for flooring installed. The lender's appraiser just looks to see the floor is in there. Our inspector checked alignment, how it was fastened, baseboard molding, etc.[/quote]
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