Let me begin by saying how deeply, deeply sick to my stomach, and how fed up I am in dealing with BB&T in Atlanta! I have been in a construction loan with BB&T since December. It is now October 13 and my house is still not complete! Please explain to me how a bank can be so deceitful in explaining how a draw is actually dispersed, and how, it’s possible, to qualify for a loan, get approved for it, and have to fight tooth to nail to get enough funds from the draw to build the house! There idea of a draw schedule is an absolute joke! I was informed in the beginning that, I would have to put up an initial amount to get the project started, then, was also told that, I would receive a larger amount from the draw after the initial ground breaking. Not so! Let’s do the math, grading, foundation, and frame package, 30,000. BB&T’s first draw amount was, 8,111.00. Now, let’s assume we all know how to add. I’m not sure about anyone’s calculations but according to mine, I’m negative 21,889.00! Then, after more work and more labor, the next draw that was given from BB&T was 4,097.00! And the beat goes on! Meanwhile, I continue to pay the interest, which has gone from 250.00 to almost 800.00 a month. I have repeatedly called upon the manager, Sherry Bell, the VP Wendy Garry and the President of the loan construction dept. Bill Long as well as Chairman Jim Mackie to help me in this manner, either with an advance, or more of a draw to cover materials, and labor cost, but after more of the same, the project came to a screeching halt! I was then informed that after the sixth draw, I would start to incur the cost of inspection. However, the funny thing is, Wendy Gary (VP) informed me during the application process that I would only have 6 draws total! If I knew I had to fund the entire project, why in the HELL would I use BB&T for a construction loan! But let me follow with the bigger problem, the arrogant manager! Sherry Bell, who tries to insinuate that my builder is a bad builder because he has a smaller company, or because he doesn’t have a two million dollar credit line.in my opinion, that simply means, we how have a discrimination problem. I am simply trying to build a house and move in it, sometime in this millennium, but I can’t do that trying to rub two nickels together! I can only hope that someone will contact me on this matter to release the funds without the, quote” This is for your protection crap! ” i am going bankrupt trying to build a 200,000 house! They have an inspector, they have insurance, and I have a great builder whose only intention is to build a beautiful, quality home! And finally, Since i'm paying nearly Eight Hundred dollars a month in intrest, one would think that BB&T would want to help finish this project. All I want is an advance of Twenty Thousand to keep the project moving, not more, over the amount of the loan! Winter is fast approaching and this has gone on long enough! BB&T is the worst bank for a construction loan! Please Help!
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