A draw request against the holdback portion of the loan may be initiated once the property rehab has begun, and at least $5,000 of materials and labor has been spent. Repairs must be 100% complete, and the property market ready to receive the final draw.
Complete the following steps to initiate the draw:
• Fill out the Draw Request form provided to you at closing (in original loan documents) also attached below for your convenience.
• Submit the completed form and PAID invoices & receipts for materials and labor installed/completed on the property.
• Canceled checks of paid invoices.
• Include photos of the progress made.
• Include access information for property inspection.
Once you have completed and submitted the form below and received by the team, we will set an appointment to view the property and inspect the completed work. It is important that you provide us with information as to how to access the property (lockbox code, etc.) so that we can get in.
Upon approval of property work status, an ACH payment to your account will be initiated. Funds will typically post to your account in 3-5 business days from the time of request.
Please note: The amount of draw paid is at our discretion. We will take into account the amount of money spent on budgeted items, as well as the amount of money remaining to be spent to complete the project. This could result in a lower draw amount being paid out.