Wednesday, December 26, 2012

We Signed on the Dotted Line! Patience Pays Off!

Last Thursday was an important day! After two and one half years of working to rezone our Sixtwelve properties and three years of negotiating with BancFirst, we signed for our loan to make our dreams a reality.

Cheryl Borelli at BancFirst is a wonderful person to work with!

The process took so long because no bank would give a loan on a dilapidated structure. Our building was supposed to be torn down the week after we bought it. The bank couldn't get title insurance for the loan if the building was in that state. So James and I pooled our money and renovated the exterior and brought it back to a state of of stability with our own funds. We also had to wait until both properties were rezoned as a SPUD (Special Planned Unit Development) before we had approval to do all that we want to do with our project, and we didn't want to pay interest on a loan that we couldn't yet use. Moreover, we didn't want to do work that we might have to tear out if we didn't get the permissions we hoped for.  But everything has worked out!!! Woohooo!

The dumpster will be delivered and demolition on some of the interior starts tomorrow! We're going to reuse all existing lumber to frame everything and we're keeping as much of the wood floors as we can. I can't wait to get back up to OKC to see the progress. 2013 is going to be one incredible year!