So ifnwenhabe a contractor come in and start working on the house, pay for the materials off cards and savings, will it actually effect our ability to get the sba loan? If I can get the materials, the contractor input friend and is willing to start working on the promise of repayment

During the SBA question session (they never sent an inspector) work completed was never asked. So I do not think it will affect your eligibility.

We have been doing the same. Carrying the materials on CC's and paying a day rate to the guys in cash. We sign the loan documents today. The initial payout should be in a few days. They ask for a blank check. So I guess it will be direct deposited. The kitchen and bath contractors are about to start for us so the big payments are about to start.

If you want to get more than $50,000 you will have to prove what you have paid with receipts/canceled checks etc. You will need to show that you have spent 80% of the amount you are requesting. However, you can only count amounts spent after the SBA's lien was created toward that 80%. The date on the mechanic's lien and deed of trust determines when the lien was created. Any amounts spent before that date will not count.

Honestly we only need the 25000. It may not be the greatest stuff, but we just need enough to get floor/sheetrock/cabinets up. I've been helping my contractor install cabinets this morning as part of our deal..... just don't want to get stuck not being able to get anything

Very informative thread.

Still waiting on FEMA to make it out to my house, even though they've already visited BOTH my neighbors. (Frustrating)

Doing all the work myself and estimating it should cost me 25K to make it all happen. Sounds like if I can keep it under 25K it will save me a lot of hassle without having to apply for more.

After signing, we got a sheet for writing every thing down we spend money on for repairs. Any one know how often they will ask to see this, if any?

The SBA called me a day after the first deposit into my account. Guy said he was an inspector. I met him at the house and he walked around and we talked about what was happening in each room and he confirmed what we were calling a detached room. Never asked to see receipts, He did mention that he would note that we had a custom home and could request additional funding if required. I think the whole thing only took 10 minutes.