Construction Loan Without Take-Out Loan Commitment

[Bryan Hancock]

Do you have any advice or experience to share about not having a take-out loan for a construction project that slipped past schedule and exceeded the construction bullet? We are currently pitting a few lenders against each other and one is offering the take-out loan and the other isn't. We are trying to compare the loan products to see which is better for us and I am curious if anyone has had a poor experience with take-out loans from small lenders.

[Bryan Hancock]

We're building SFRs. The banker has promised extensions if they are needed and I really do think he will extend the loan, but my credit is at risk. With 18 months we should have plenty of time.