I went through a three month construction loan process, in which I was approved about a month into. The other two months was spent barely getting communication with me because of underwriting being done and general terrible customer service.
At the end of those three months, they told me my builder could not be approved. Mind you rates had gone up nearly an entire point during those three months and my builder and I were just waiting buy the property to start building ASAP. Also, my builder I was using was been known from the very beginning of this loan process.
It is in my opinion, they saw how much the rates went up and tried to find any reason to back-out of the deal. When I asked about why my builder could not be approved, they told me they could not give me that information.
I should also mention, my builder has been in business for 20 years and builds many (10-20) homes along with buildings/condos each year and had no problem being approved by the next bank in a quarter of the time.
Please save yourself the trouble, do not work with these unprofessional wastes-of-time.