It looks like we're actually going to close on the construction loan next week, and get started the week of August 11th. The appraisal has not been completed yet, so that's still a concern. The last appraisal came in at only 83% of the estimated construction costs. This was mostly due to the neighborhood and the high number of foreclosures there, which were used as comparable properties. I'm hopeful that the new appraisal will focus more on the construction costs than comparables.
Actually, the new loan is a better rate with better closing costs than the one I had (or almost had) before, so maybe it's all for the best. I hate getting started so late, though. I had planned to break ground in April, and now it's not going to happen until mid-August. I'm keeping my fingers crossed, hoping nothing else goes wrong and I actually close on the 7th.
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