A few months back I started building a garage, office, and warehouse. I had an unforeseen fire code issue that was $16,500 that was not budgeted. The building is water tight and moving along. So far everything has been paid cash.
To finish Iíll be about $18,000 short. I'm planning on going to the bank later this week but trying to get the paper work together. I did talk to the loan officer and she told me to just bring 5 years of tax returns, insurance, and business license. I know 2 months ago my credit scores were 790 to 820 and my wife's was 780 to 795.
We have decided to ask for $20,000 and want our payments between $900 and $1,000 (Plan on paying off the loan in 6 months). I know banks like secured loans and could use the house (paid off). I've been told it's a PITI to get a construction loan and adds loops to jump through. We talked about just getting a personal loan but higher interest rate. We have also thought about getting a loan from my wifeís 401k but don't know much about this.
I'm sure we have over thought everything and it would be nice to have some out side input.
PS. Wife is pregnant and is kicking my stuff out of the guest bedroom, office, spare bedroom, and the garage.