Woods v. First National Bank of Durango

ORDER AND JUDGMENT *

TYMKOVICH, Chief Judge.

Reson and Shaun Woods submitted a single loan application to the First National Bank of Durango to finance a construction project. The application envisioned (1) a $480,000 construction loan for 18 months, and (2) a $482,000 First National in-house mortgage, known as a permanent take-out loan. Shortly thereafter, the Woodses closed on the $480,000 construction loan. They were tentatively approved for the permanent take-out loan subject to re-verification of all loan parameters. More than a year after their initial application, the Woodses re-applied…