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Updated almost 2 years ago,
New Build Construction Loan Cancelled before Construction Started
Hello all,
Looking for any advice and insight on steps to take to recoup funds used to close on a construction loan that would eventually be cancelled prior to the construction even starting or the maturity date.
Background: Back in Jan 2022 I was working with a turnkey company and bought a lot and closed on a construction loan with Center Street Lending and paid a bunch of fees and closing costs. Then about 8-9 months go by while waiting for permits to get approved to begin building, I get a notification from the build team that the lender has backed out and cancelled my loan. Is there any way to recoup those funds that I used to close the loan since Center Street Lending didn't follow through on their part of the deal with the loan? I feel like I've been robbed and don't think this is fair, so any insight or advice is much appreciated!