Saturday, March 28, 2009

Do you know the correct format for writing a letter to the bank for the estimated cost to build a home?

They require this in order to get the first draw. In this case, we are the contractor. This is the first house we are building. We have the land, have the loan from the bank and now have to submit a (letter?) to the bank with the list of estimates.


Be sure to get accurate estimates of the money you need. Get estimates/proposals in writing. Try to put it all in a spreadsheet if you can. Put contractors names, what they will do and how much it will cost. Banks like that. Banks may also pay the sub-contractor directly so BE ACCURATE as possible. The letter format isnt all that important but NUMBERS are important. Good luck!

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