Help! Anyone in the middle of rebuilding/renovating with SBA loan funds? I am building from ground up and am getting ready to sign an agreement with a contractor. Now I am worried about funding. Of course bid is higher than the real estate portion of my loan - I calculate an additional $63,000. My questions:
1. When I submit my agreement to rebuild to SBA do I ask for an increase? (worried about the language in the section 8 - Requirement for Real Estate Consruction or Repair: contract not to exceed the amount of this Loan allocated for repair).

2. How does the draw system work? the contractor is requesting payment after each installation and inspection within 5 days. I expect to re-write this section but how do I draft language dependent on SBA funding?

3. I believe my foundation will be my biggest expense - may I ask SBA to increase due to cost of foundation?

4. How can I buy Homeowners and Flood Insurance when the land is vacant? The requirement is to have both but am having trouble purchasing such. I will be purchasing builders risk.

Any advice on handling SBA funding would be appreciated. Another new territory.
Thank you,
Denise