Monday, August 12, 2013

Official Loan Offer

Cheviot Building & Loan has offered Reid and I a loan to finish the project.  We couldn't be more pleased with the bank and the people we have worked with at the bank. For 5 & 1/2 years, we have pieced together bits of this project, doing much of the work ourselves, paying a neighborhood guy to work alongside us during really laborious jobs, and hiring City Lofts for the big projects. And now we'll be able to hire a contractor to finish the entire project - our living space, the rental unit on Hamer Street, and to white box the storefront. We still have some paperwork to complete, need a final budget from the contractor, the bank needs to do an appraisal (the loan maximum is 70% of the appraised value) and then we start! But the numbers finally add up (thanks to comp homes around Washington Park!) and we should be living at 1700 Vine Street in approximately 18 months. Which is especially timely, since we recently found out we're having a baby in March 2014.

Look for updates in the near future. Once construction starts, there will be a lot to post!

-Patty and Reid 

1 comment:

chris wiedeman said...

great news! Let me know if your GC needs subs for anything. I just finished a penthouse condo on Vine st. (Lofts on Fountain Sq.) and have a some good guys Tile, cabinet install, plumber, roofer and a great finish carpenter. Let me know if you want any of them.