Updated: 7 April 2020 | 5:00 pm CST

• We're Building & Selling
  For all regions - we are WORKING - carefully! In communities with shelter-in-place restrictions, commercial and new home development may be exempt. We are in communication with all trades. We are taking CDC guidelines seriously, practicing social distancing as mandated, and we are moving forward with ~20 closings by the end of the month through virtual meetings, tours and other digital platforms.
• How can I view homes virtually?
  We are offering Connected Tours and tiered approach to touring new homes. Thanks to great new technology tools, we are able to offer video tours live or recorded. See linked flyer for more details.
• Will COVID-19 impact the timeline of home delivery?
  That may depend on where a home is in the construction process. For homes nearly completion, we do not see a material impact at this time. Residential construction and trades continues albeit at a reduced pace in some areas. Our team is able to offer virtual homeowner inspection walks to keep the process on pace. Where do anticipate certain delays on new construction as various city and bank inspections, permits, etc may be impacted.
• Interest Rates
  1. Rates dropping (50 year low)
  2. Respond time slower (pent up)
• What steps are the field teams taking to stay within guidelines?
  • Limiting the number of people on the job site and following social distancing guidelines.
  • Requiring face protection to be worn while on the job site.
  • Daily temp checks on each person working for the day.
  • Disinfecting reusable supplies and equipment throughout the workday.

Updated: 6 April 2020 | 5:00 pm CST

• What about my open warranty ticket?
  1. Active warranty tickets will be placed on hold, except as noted below.
  2. We will still respond to emergency warranty work.
  3. We will continue exterior work where deemed safe and consistent with the policies of our trade partners.
  4. We will begin proactively scheduling customer walks and some warranty work for a few weeks out and adjust as needed on a weekly basis.
• What about submitting new warranty tickets?
  1. Warranty Portal
  2. Please continue to submit warranty tickets as issues arise. Photos and detailed descriptions are especially helpful during this time period. We are still here and doing everything we can to be ready to resume services when able.
  3. Valid warranty requests submitted within the warranty period will be honored when we're able to resume full operations.
• What proactive measures should I take with my home?
  1. Make sure to register your appliances to maximize your warranties through the manufacturers.
  2. Make sure to change your HVAC filters monthly.
  3. Run bath fans while showering or generating humidity. Run kitchen exhaust when cooking to avoid excess moisture and humidity buildup. This is especially important during times of increased occupancy.

Updated: 13 April 2020 | 11:00 am CST

• Do you know how / if this will change StoryBuilt’s ability to obtain bank financing?
  We are in daily communication with our banking partners, many of whom we have had for 5-10 years. Most are still lending against our current facilities and proactively agreed to certain interest deferrals. Obtaining new financing may prove difficult in the short-term, however each bank has provided similar verbatim guidance for credit requests: 'Please reach out to me directly if you need to access additional credit and we will continue to run our standard approval / closing processes.'
• How / will this adjust your pro forma and projections?
  Q2 sales will experience a slowdown in the short-term. However, we don't believe this will materially impact our sales in the medium to long-term after a strong Q1 with 50 sales. Closings are currently still being scheduled. As it relates to pro formas and projections, it is too early to determine. We will circle back at a later time when we have more information to provide supported guidance.
• As a vertically integrated company, will there be any changes/impacts to the timeline for entitlements and design and how will that affect my investment timeline?
  Our entire team, including our architects and development team, can work remotely thanks to investments made over the last few years. Our schedules will only be limited by consultants and / or municipalities, which we are evaluating at this time. Thus far the impact seems limited to entitlements / permits on future projects. We are working to mitigate any expected timeline impacts or expediting work to get in queue earlier. We will keep you up to speed as we learn more.
• Do you anticipate construction prices going higher or lower?
  Oil prices going down may somewhat offset the supply chain impact, but we anticipate in the short term that prices will go up once the world goes back to work. This should improve everyone's supply chain resiliency in the long term. Housing continues to need more labor to meet the shortage. In short, while we don't see prices going lower, we expect more efficiency and forward planning to help manage any increases. Immediate labor availability may increase as certain industries or projects are taking longer to recover from the shut-down.
• Are any of your projects going to experience delays in progress (acquisition or construction)?
  Acquisitions: we are evaluating all of our options with sellers, lenders and equity partners. With acquisitions, we have been successful in working with sellers to extend terms or timing on near term deals. As for construction, it is too early to tell. If sales slow down for an extended period, we would slow construction. We evaluate daily and and will keep communication open.
• Have your sales on your other mature projects slowed or remained on track?
  Sales have slowed in the past couple weeks after a strong Q1 with 50 sales. We recently launched Connected Tours for virtual appointments. These tours, a new community launch, and recent MLS listings are showing us activity rebound. This gives us optimism that Q2, while lower, will still have strong sales activity. We will keep you posted as we know more.