self-financing build while bank loan processes?
We've got our plans and builder lined up, now are lining up the financing. We've learned that the bank will need 45-60 days to process everything before they're ready to fund things. We'd really rather not have our build held up for 2 months due to paper pushing.
We're in a position to be able to put up some money to get the project rolling. Maybe 5-10% of the build cost. We figured that could get the builder doing site prep, maybe get the foundation work done, well and/or septic. Whatever he could get done in the 2 months it takes the bank to get things together, we could/would fund.
Anyone ever done anything like this? Does putting our money in up front make things easier or does it complicate things with the bank? Is this inadvisable or disallowed?
We've done so much so far and hate the idea of stalling for 2 months.
Anyone here done a combo of self- and bank financing on a project?