Likely Ceasing Operations - A Repost

Update Monday, March 28: I originally posted this on Tuesday, March 15, before we knew much of anything. I removed it from the blog a few minutes later. If you read updates through a reader, you may have still seen it. The past two weeks have been very interesting. Tomorrow, I'll post an update.

Earlier today, 86 days after we broke ground on our home, we received an email from the President of Estridge, Paul Estridge Jr., summoning us to the corporate office for an urgent meeting this evening to update us on "where Estridge is headed in this banking climate and how that could impact you and your home going forward."

About an hour later, I saw this tweet from the Indianapolis Star:

This is the text of the article that it links to, and there is apparently a larger, more in-depth story in tomorrow's paper.

The Estridge Group said today that it likely will cease operations unless it is able to find private investors or a new line of credit.

The 43-year-old Carmel homebuilder said its “philosophy has always been to pay the banks first in order to maintain our lines of credit, and now it’s the banks that are killing us by killing the lines of credit.”

Estridge has 25 new homes that have been sold but it said it can’t build them because the banks won’t loan money.

“Unless we can find a private investor or a commercial bank to give us a line of credit, we will have to shut down,” the company said in a statement.

If that happens, another builder will be brought in to finish houses Estridge has under construction and the company will return deposits to those who have money down.

We are one of those 25 homes. This is to be continued, of course ...