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Upon the completion of work specified in the draw schedule, an online draw request is submitted via the Borrower’s Portal. The draw request identifies each item of completed work for which you’re requesting payment. An on-site inspection of your property is then scheduled, during which an inspector will confirm the accuracy of the draw request and validate that the amount of work completed matches the requested draw payment.

Rather than set a maximum number of draws, we have a minimum draw amount that will be based on your loan amount. We do not collect anything in advance for draw  related fees

If the inspector notes any issues with the draw request, such as work not fully completed or work not completed in a satisfactory manner, the amount of the draw request will be reduced to match the amount of work actually complete. In such event, the uncompleted work may be included in a future draw request upon completion.

Construction draws may be submitted for completed work only, and you may not draw from your construction or rehab loan to pay upfront deposits to contractors. As the property owner, you are responsible for the payment of any deposits required by contractors prior to the completion of work.

Construction draws are paid directly to the borrower, though in some cases they can be made directly to contractors. In all cases, prior to releasing subsequent draws, evidence must be obtained (in the form of lien releases, etc.) that all amounts from prior draws have been appropriately paid to all contractors and vendors.

New construction loans require a licensed contractor. For Fix and Flip loans it will depend on the scope of work. If the renovations are minor, no building permits are needed, and you have documented experience with prior projects, the use of a licensed general contractor may not be required.

Yes. We will consider extensions provided the loan is in good standing. Extensions typically last 3-6 months.

Yes, either a full or desktop appraisal will be completed by an Appraisal Management Company. Interior access is required and a market rent addendum will be included. The appraisal requires the itemized budget and that the budget must be approved by us prior to closing.