I've got a large construction loan that is taking more time than the customer allowed. (What else is new?)

1st loan was for 6 months, extended it for 6 months and now they want 2 more months. I'm thinking that I have 2 options; do the extension and give ARMs, or write a new note.

Tips? Tricks? Suggestions?

We write a new note. But we keep a check on them that construction is truly being done, just running overtime, so it is still considered a true construction loan/temporary financing.