It came up as an area of concern in our meeting on Thursday that some of the documentation required for our Kiwibank loan had not been accepted by the bank's lawyers yet and they have asked our lawyer for clarifications. However, it appears that the matters are progressing normally, albeit taking longer than we expected.
Technically this is an area of risk; if the documents are not clarified/accepted by the end of the month Kiwibank could refuse to lend us the construction loan.
Catherine has been dealing with this area for us and reported comments from Helen our lawyer, so the meeting asked Susan to follow up again with Kiwibank and Helen.
Susan reports that Stephen Edge from Kiwibank is happy with the progress on these documentation issues, and did not flag any concerns at all.
Helen is working her way through the list of items queried by the Kiwibank lawyers. Most items have been sorted quickly by communication between Helen and our individual lawyers.
Nothing further is required from us at this stage as the lawyers are sorting it out between themselves.
So everything appears to be on track, although the costs of completing this are still unknown.
Thanks, Alex