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This weekend was productive. I arranged for a local phone line, Internet, and satellite TV. These will be installed in a little over a week. Our builder is staining the exterior of the house this week because the temperatures will be good, and then he will finish applying polyurethane to the interior floors. Now we are trying to work out the date for the final walk-through with Blue Ridge Log Cabins and get our modification started on the construction loan.

Have a good week!
Paula

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Comment by Paula Sandridge on November 18, 2010 at 8:49am
Hi Joe,

I apologize for not answering you sooner! I am happy to share our experiences with financing. We had no problems with getting financing, and the bank did not consider the house modular, since it really is not. It is a true log home in every sense of the word, it's just built under roof instead of on site. We used American Home Bank and they specialize in log home construction loans and have worked with Blue Ridge many times. It did not matter at all that the house was coming from SC. The team from AHB were great to work with and we really had no problems to speak of.

We bought the Blowing Rock II, and really didn't make many changes to the original design. We put a deposit on our home in July, 2009, but we then had to put the project on hold for almost a year for personal reasons. But once we got going again and went to settlement on our construction loan at the end of June this year, the time frame went fairly quickly. Actually, Blue Ridge can construct and deliver the house within 8-12 weeks, we found the site preparation to take longer. Our house could have been delivered at the end of August, but the site wasn't ready so it arrived on September 30th. Blue Ridge then sends a crew to construct the decks and porches, and another crew comes to complete the construction on the inside. Our builder then is responsible for staining the exterior, applying polyurethane to the floors inside, and connecting the water, electric, etc. We also have a HVAC technician doing the heat pump and that has taken several weeks. So in a nutshell, BRLC can build and deliver a house fairly quickly, then takes a few weeks after that to finish.

More financing info that we learned - since this was a second home for us, the banks will only finance 80-80% of the appraised value of the new home. And appraisals are based on homes that have been sold in the area that are similarly constructed. Since there have been no log homes in our neck of the woods that have been sold recently, the appraisal was based on stick-built homes. So I feel the appraisal undervalued our home by about $100,000, and then we only get 80% financing of the appraised value. But for us, we intended to cash out an annuity anyway to put a large down payment on the house, so it was not a problem. But if we didn't have access to a lot of cash up front, we may have had to refinance our current home and get some cash that way.

Joe, the Jocassee is a beautiful model, I hope you can realize your dream soon. This has been a 5 year process for us as well, starting with a decision to have a log home and then finding a property. It has been fun, and we will be moving furniture in the log home in a few days and will enjoy spending Thanksgiving there with our grown kids and their families.

Wishing you the best,
Paula
Comment by Joe on November 11, 2010 at 11:29am
Paula,
You may have noticed that we have been having a little discussion on modular homes with BRLC as one of the topics. A few questions if you don't mind. Did you have any problems obtaining financing due to it being modular and coming from SC? Which model did you buy? What would you consider the total construction time?

As I mentioned previously, I took the plant tour last spring and was very impressed with the construction quality. We have been impressed with a trimmed down and modified Jocassee V for TN. but we have a long way to go.

Thanks,
Joe

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