Monica Wasden
Rocky Mountain Construction Lending
Fax: 303-683-6386
Dear Monica,
We did not receive your fax as it somehow came thru garbled. However, we did finally locate the draw summery you mailed to us.
We have outlined our concerns about the funds drawn on this project.
NorthStar Draw #2, your Draw #1
The draw sheet from NorthStar shows the Foundation cost at
$3650. Your pay out sheet shows paying $3500 with the missing $150
being paid out for Perimeter Wall. NorthStar requested $2839.14
for the Perimeter Wall and was paid $2989.14. Why did the foundation run
over? According to the inspector's report, the foundation failed inspection.
If this is so, why is this expense passed on to the buyer? Additionally, the
re-inspection fee seems to have also been passed on.
NorthStar Draw #3, your Draw #2
NorthStar's draw total was for $14,915.87. You show paying out $13,048.86.
There is a difference of $1,867.01. On the settlement papers, the full NorthStar
amount $14,915.87 amount is being shown and made part of the loan. Per our
earlier conversation, as example, you said you had in fact paid the full carpeting
amount yet your settlement sheet doesn't show that. But, we're being charged
the full amount at closing.
We have requested and been denied, an accounting of the Carpet
overage. It was $267.50 over and we want to know why.
We want verification on the Septic field. The summary shows the
well and the septic completely paid out. You applied the leftover from the well
to the overage on the septic because, as you stated, you were told the project
was complete and that you had the last draw. There is now an
additional $2,834.27 being applied to the well on the 4th draw.
Foundation has another $100.00 charge added to it? What is this for?
Perimeter Wall has another $275.87 charge which puts it over by $115.01.
Home Delivery has a $550.00 charge, putting it over by $500.00. We
asked about this and were told it was a fuel surcharge. We don't believe this. This
home was built in Colorado. They didn't have to haul it that far!
NorthStar Draw #4, your Draw #3 (not received)
As stated in our earlier fax, none of which have been addressed yet.
We're looking at what appears to be significant irregularities. We feel that
we are entitled to explanations of the overages and recharges.
Michael Meadors
Karen Dudnikov
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