In the beginning of February we contacted Vectra Bank in Greenwood Village regarding financing a land, construction and permanent loan to build a home on a ten acre lot in a subdivision in Pine, Colorado.
We went through the whole process of submitting documents, verifying information, providing all the necessary signatures and providing the contract on the land.
The contract was written to have a closing date of March 29th, 2018.
Through this process we noticed that the production manager seemed to have a great deal of difficulty communicating not only with us but his loan processors and we had to re-send many documents several times.
Also in this time frame we were told the appraisal they received was sufficient for the land.
They did not indicate there were any issues involved in any aspect of the loan process.
Then on the 21st of March (approximately 40 days later and eight days before closing) we were notified by the production manager, their underwriter would not loan on the land, deciding it was raw and unimproved.
This 10 acre lot is in the Woodside subdivision and has been in existence for well over 40 years.
There is power on the land, natural gas bordering the property as well as phone access.
The roads are 60 feet wide and it is a very well developed area with many homes.
This astonishing experience with Vectra Bank in Greenwood Village does, of course, mean we have to start over finding another loan institution and we now face the real possibility of losing this beautiful piece of property due to their proven incompetence.
For them to have not clarified the underwriter approval before we wasted 40 days is untenable.
They had the contract information in the beginning of February as well as the appraisal on the property clearly describing the property.
We would caution anyone considering doing business with Vectra Bank in Greenwood Village to take our experience into account and needless to say we would never recommend doing business with Vectra bank or Zionbancorp.