How the hell are we going to pay for this thing?

May 14-16

We have been in this house almost 5 years and it has appreciated quite a bit - the problem is we have also spent a good portion of our equity on other projects and in the past year the market took a major downturn and with it a large potion on our equity, possibly all of it depending upon which market appraisal you believe.

So I set out on my first day of how to pay for his my calling Premiers "suggested" lender MPG Mortgage. They specialize in "pool" loans and with a first and a second we already like I wasn't looking at re-doing everything.

Early on in the conversation with Carol from MPG I got some very good news that they would be able to use the Appraisal we had done last year.

this of course was good because 1-no delay waiting for a new appraisal, and even better we appraised at 740 which is considerably higher then we would see now. having this much equity plus with the added value of the pool, our excellent credit scores (which I manage constantly) meant that we would have no problem getting a loan to cover most of the project at 8%

all of this was very good news, I knew our income level and extra credit scores would be attractive and allow us to get a loan, but I was worried that our overall debt and a reduction in the market might make it a hard loan that took weeks and required a higher then I was happy with interest rate.

In my mind from the beginning I had planned on April for planning and bidding, May for figuring out how to pay for it and construction in June and July.

Now in just 3 days instead of a whole month I was able to put together a loan that worked.