My Home Depot

Should a LicensedContractor have enough capital to start a project for Home Renovations?

I'm trying to have my house renovated through my bank and they won't allocate any money out until each phase is completed. My contractor wants 10% down but my bank is saying that he should have enough capital to start the project if he's in this business. I'm caught in the middle. Who's right?

Public Comments

1. bank is...i guess you've never give a down payment to a contractor and had them disappear on you...well millions do ever year.....
2. contractor is why should he use his own money to start your project
3. being a contractor,,if you have references and he checks out, he may want down to assure him you are going to do the job..so he doesn't get stuck with material..