After 3 unsuccessful attempts to acquire a new construction loan from local banks, we finally succeeded today! We are extremely grateful to Capital Bank, a Division of Chemung Canal Trust Company of Elmira, and Anne Dillenbeck for guiding us through the loan process. Self-employed folks, although part of the backbone and foundation of this country, sadly, are not always valued the same as people with W2′s. Capital Bank, however, was the exception. As a small community bank, they understand that not all situations are the same, and provide the flexibility and creativity to meet individual needs.
Although building science and energy efficient homes have been built nationwide for years, the majority of banks and appraisers are still using rule-of-thumb, traditional measures to evaluate smart homes. As such, small footprint designs (with fewer bedrooms and square footage) fall short of the required value needed for a new construction loan. Having faced this blockade repeatedly, we were able to obtain the name of a trusted appraiser through our dear friend and attorney Gary John O’Connor. We are extremely grateful to Bob Tuttle for providing us with contact information for appraiser Mike Muratori. Mike’s advice was game-changing. With a few last minute tweaks to our plan, we were able to increase the value of the cottage by $30K. It is also important to note that Mike suggested I call Anne at Capital Bank.
It is worth mentioning that Capital Bank’s appraiser, Orr Appraisal Service from Queensbury, went to great lengths to locate comparables in order to assign a fair value to the cottage. With the help of Capital Bank, who forwarded the green appraisal form, and copies of ENERGY STAR and DOE Zero Energy Ready Home documents we had provided them, the appraiser was well-informed prior to completing the review.
Success at last! Let the building commence …
Although building science and energy efficient homes have been built nationwide for years, the majority of banks and appraisers are still using rule-of-thumb, traditional measures to evaluate smart homes. As such, small footprint designs (with fewer bedrooms and square footage) fall short of the required value needed for a new construction loan. Having faced this blockade repeatedly, we were able to obtain the name of a trusted appraiser through our dear friend and attorney Gary John O’Connor. We are extremely grateful to Bob Tuttle for providing us with contact information for appraiser Mike Muratori. Mike’s advice was game-changing. With a few last minute tweaks to our plan, we were able to increase the value of the cottage by $30K. It is also important to note that Mike suggested I call Anne at Capital Bank.
It is worth mentioning that Capital Bank’s appraiser, Orr Appraisal Service from Queensbury, went to great lengths to locate comparables in order to assign a fair value to the cottage. With the help of Capital Bank, who forwarded the green appraisal form, and copies of ENERGY STAR and DOE Zero Energy Ready Home documents we had provided them, the appraiser was well-informed prior to completing the review.
Success at last! Let the building commence …
| ai-residential-green-energy-effecient-addendum.pdf |
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