First Citizens Bank has stated that they have no fiduciary duty to me their borrower. If you are looking for a construction loan bypass this bank. They gave our money away to an unlicensed contractor. Though state law in North Carolina states that contractors must be licensed to enter into a contract, this bank states that there is nothing in their contact with us that forbids them from paying an unlicensed contractor which is exactly what they did. They advise that their inspections of the building process are for the banks benefit and not for the benefit or protection of the borrower. They are not out to protect you, they have your name on the note so that is all that matters.
Due dilligence? Whats that?
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