Wednesday, November 23, 2005

Day 230 - Exciting times!!

Great news! The roofers finished the roof today, and the bank appraiser visited the site.

I spoke with Cathy. the bank lady, this afternoon. The appraiser offered to come back on Friday to see if some other work would be completed, which would increase the amount the bank could release to us. After a discussion with Charles, I didn't want to hold up the first advance for a small amount, especially since I thought it might not be achievable. I discussed this with Cathy and decided to pull the trigger on the first mortgage advance, since it wouldn't be much more if we waited until Friday -- and we really can't wait.

In order to trigger the draw, the appraiser has to send her report to Cathy, who sends paperwork to the mortgage department, who then sends the funds to our lawyer, who keeps 10% (Ontario law) and then gives us a cheque for the balance, after doing some legal stuff. This means we should get some funds in our hands on Friday sometime. We then take that cheque back to the bank, pay down our line of credit, and then draw it up again to give to Charles. Whew!

After that, visiting the windows company will be at the very top of our list.

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