Possibly some good news this week as one of our 'wealthy' clients in California received approval from a local bank for funds to do a construction loan for a 10 Million plus residence. Wells Fargo had rejected this clients terms and then a smaller and more personal bank made a proposal and the deal was set. So this ends the series of conversations I have had with clients that they are waiting for banks to loosen up to build the dream house they have been planning for years. Unfortunately our office has completed our work for this particular client as he wanted his plans 100% complete before applying for the loan.
But there are others out there that we have not started that have had the same issues that banks are not intersted in supporting the wealthy in their desire to build a final dream estate. Banks will make the deals but on their terms which apparantly are harsh and not business like for savoy clients. The programs being spoken about are for average income folks and not for multi millionaries who support designers like myself. Well let's all watch what happens in the next month or two. I am skeptic but then who isn't these days.
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