We received our building permit from the city this past week and we're now working on closing our construction loan with Banco Popular. This is that door to walk through before we start construction. Fortunately, we've got a standing commitment from them for this project or we'd be in deep doo doo these days. Banks don't like to lend to start-up small businesses (restaurants in particular) and our woeful national economy would likely have been the straw to break our camel's back. Other lenders have since told me that their changing underwriting rules would not let them approve our project anymore. Banco Popular hasn't flinched in their commitment so I'll put out the good work for them once again. I know there are other businesses out there now hunting for loans that are having tough times. Hopefully all the interest rate drops will get those loans flowing again. I'm certainly glad we didn't lock in our loan rates a few months ago.
