Our Draw Process
One of the required components prior to funding a loan is a completed “Project Summary” and “Draw Schedule” (these can be found under our FORMS and DOCS) section of website. When a borrower requests an inspection to draw funds out of our rehab escrow account, we will follow this simple 4-step process.
Step 1: Request A Draw
Borrower calls or emails to request an inspection of the property. We usually have a 1 to 2 day turn around from the time we receive this request to the day we inspect. Remember, we issue draws only for COMPLETED and INSTALLED items.
Step 2: Inspection Day
We will walk through the entire property and take pictures of all completed work. The estimated time for each inspection is 1 hour.
Step 3: Analyze & Discuss
We will compare the completed work against the previously filled out project summary form and draw schedule. We easy adjust for more or less work completed than projected and determine a final draw amount. We will call to discuss this with you before sending your money out.
Step 4: Process Draw
We have a simple form (Click Here to Download) that must be completed in order for us to process the draw. All money is wired directly to the borrower’s account on file. Typical turn around time for this step is 1-2 business days.