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Updated over 6 years ago,
203k duplex rehab, terminated GC, can lender give more money
Purchased a duplex in April, as of August I terminated my GC for questionable work and going over his expected timeframe. Since his termination, i’ve Learned that for the scope of work he pulled the wrong permits, basic permits that doesn’t cover the scope of the work, and now I learned that I also need drawings. The the electrical work was 95%paid but several other contractors have explained to me that my building is not up to code, and would cost close to 5K to correct his mistakes. Does anyone have any options, and will the lender be able to adjust my loan to and add more money to complete the project. And I only have $4500 left in contingency.