Funds may be drawn in three simple steps:
Complete an online Draw Request Form
Show proof of payment and photos of completed work
Receive funds in your account
How The Draw Works
Before we process your request, it is important for us to view the property. You will need to provide us with instructions and necessary information to access the property.
Upon approval of property, an ACH payment to your account will be initiated and the funds can take anytime from three to five days to reflect on your account.
The amount of funds paid could sometimes be based on the project completion percentage which won't necessarily be equal to the amount that you requested. The amount of money spent on budgeted items as well as the amount of unused draw funds remaining are also taken into account.
The following are some important things to note:
- Initial repairs are paid for by the borrower
- There’s a fixed price for a draw
- No inspection charges
- Improvements need to be judged before a payment is issued
- Proof of paid receipts and invoices are required
- Project should be 100% complete before final draw is funded
- Borrower may be required to secure approval or pass inspection before draw is issued, if building permits are open
DRAW REQUEST FORM