If you are looking for a construction loan bypass this bank. They owe you no duty to protect you. Everything they do is for the use and benefit of the bank and not for the benefit or protection of the borrower. Check my blog at tarider1.blogspot.com
My mom had so charges on her account that she did not authorize. The lady at the bank spent over an hour helping her straighten this out Because of the customer service they gave my mom, I opened an account there. They are the most helpful bank that I have even been associated with.
The only reason I used 1s below is because negative numbers were not available.
First Citizens Bank is the worst bank we have ever dealt with.
They gave our construction loan funds to an unlicensed builder. The information they had in their file should have alerted a third grader that this guy was shady. Had they shared the information with us, we would not be in the mess we are today or out over half a million dollars.
The bank paid out more than $104,000 in loan draws without our authorization. First they said we authorized the draws by email. When they could not produce the emails, the bank attorney told the construction loan officer to change his records to verbal authorizations. When we produced our phone records to show there were no calls, they said they did not need our authorization anyway.
When we found out the builder was unlicensed and alerted the bank and would not authorize those unauthorized draws the loan officer threatened us and stated we would get no more money unless we authorized the draws. The bank flipped the loan from a construction loan to a fixed rate loan at the capped rate of 6.25% with a payment based on the entire loan amount even though more that 95,000 dollars remained in the construction loan. There was no certificate of occupancy when they flipped the loan and using our savings and retirement accounts, it took us 6 months to get a C/O on the house.
The bank paid out 74% of the loan for 40 to 50% of the work much of that incorrectly done. They have made our property unmarketable. There are so many repairs that remain to be done, with our funds exhausted, it is impossible to complete the house. We have produced invoices and proposals for the bank to show our expenditures but they state that those numbers are made up and they refer to us as noise. We can not abandon the property which was our land free and clear. There is no way as senior citizens that we will recover as a result of the mistakes made by First Citizens bank.