Well, we've hit a snag. Schumacher doesn't seem that confident in us using SunTrust since apparently they won't release funds if there's a lien on the property, but it's normal for subcontractors to put a lien on until they get paid. So we started talking to the preferred lenders they gave us and that's when we hit the snag.
Apparently the bank won't approve a loan on a plot that will end up with two houses on it. This never came up with SunTrust, so they didn't know about the second house. In their opinion it results in an 'unsellable situation' if they need to get their money back on a plot with two homes. This, of course, is total bullshit. It's not like two different families are going to live in these houses, one is going to be a guest house and we're hardly the only people with that situation. But apparently we won't get a loan unless we agree to gut the other house, remove all the plumbing and kitchen stuff and make it pure storage, like an outbuilding.
Screw that. Who are they to ask us to destroy a perfectly good house? Even if we were willing, imagine the labor of having to remove all toilets, tubs, sinks and plumbing? I'm tired just thinking about it.
After much debate, we decided we need to move the new house site. Fortunately our land is divided into 5 plots, so if we build on a plot that doesn't have a house then the bank should stop being dicks about it. So we're back to square one, we need to go identify a new site, have the builder out to stake out the house again and so on. But at least we can probably put a hold on the perc test and not have to pay another $750 since they haven't come out yet.
I doubt this will be the last time we are pissed at the bank.
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