Hey all,
We've been quoted roughly $30K for our engineering costs to provide mechanical/electrical/engineer drawings that will allow us to obtain quotes from plumbers, electricians, and GC's for our project. We have the money to pay for this before approaching a bank. We actually have over 20% of all financing including this service for the full scope of the project but that doesn't make me any less leery. Has anyone else had to bite the bullet and pay for these support services before nailing down financing? Is there any advice on trying to go through some sort of pre-approval process with the bank before spending money on architectural and engineering services? My concern is we spend the money to try to get quotes from people and the bank in turn does not approve us for a loan.
I realize this isn't a ton of information to go on, I'm hoping a few of you have experienced this before.
Cheers,
Gman
We've been quoted roughly $30K for our engineering costs to provide mechanical/electrical/engineer drawings that will allow us to obtain quotes from plumbers, electricians, and GC's for our project. We have the money to pay for this before approaching a bank. We actually have over 20% of all financing including this service for the full scope of the project but that doesn't make me any less leery. Has anyone else had to bite the bullet and pay for these support services before nailing down financing? Is there any advice on trying to go through some sort of pre-approval process with the bank before spending money on architectural and engineering services? My concern is we spend the money to try to get quotes from people and the bank in turn does not approve us for a loan.
I realize this isn't a ton of information to go on, I'm hoping a few of you have experienced this before.
Cheers,
Gman
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