Generally speaking in the affairs such as this the newest OP « takes out » the construction mortgage at the closing/occupancy which have a home loan

In every one to closure files, there’ll be a purchase price you to definitely « OP will pay Mr./Mrs. Builder $X towards the domestic ». This is the matter they should explore. (A most likely number is found on line 101 of one’s HUD-1 if there is one to.) It’s probably over brand new $500K count, but with all of the other things OP is actually discussing and you may possibly inquiring whether or not to include, it wasn’t obvious what the count should be.

The lending company delivered a keen appraiser who grabbed photographs and you will authoritative you to the newest itemized really works was over, while the bank expected me to opinion and approve, through to the « bill » is actually paid

Is it feasible my use of the keyword « draw » is ultimately causing confusion, while the maybe it can be used in different ways in numerous options?