x

Local Bank Explains Disbursement Process

Related Story

UPDATE (6/15): CHANNEL 5 NEWS reached out to a local bank to find out more on the situation.

The bank explained their disbursement process.

They say funds are distributed after a physical inspection of the property is conducted and the inspector draws the request.

The borrower must approve. The contractor is responsible for payment to all sub-contractors and suppliers after receiving the loan.

-----

EDINBURG – A Hidalgo County resident says she’ll finish her home after the contractor she hired left the job incomplete.

She says she paid a $40,000 down payment to contractor Fernando Torres of Torres Quality Home LLC for her family’s future home.

The contract was signed July 2017 with a deadline to build the home in the next six months. The home was left undone.

When contacted, Torres explained the holdup was with the bank. However, he says he still wants to finish the home.

KRGV’s Angelo Vargas spoke with the property owner who says she’s opting to go another route.

Watch the video above for the full story. 

News

Radar
7 Days