How The Draw Process Works
Only after the property has closed AND funded, should rehab work begin…
Step 1: It’s the borrower’s responsibility to pay contractors directly if they require funds up front to begin rehab.
Step 2: The borrower is ready to be reimbursed for completed work and submits the Draw Request Form to the lender. Please provide property access info (i.e. lock box code) and a working phone number so the inspector can call you.
Step 3: The inspector calls the borrower to confirm a time and date of the inspection. They must have interior access as well. We recommend that either the borrower or project manager is present at the time of the inspection.
Step 4 The inspector performs an inspection to verify that the items requested on the Draw Request Form have actually been completed.
Step 5: The lender compares what was requested on the Draw Request with what was actually performed at the property. Funds are available to the borrower by check, ACH or wire transfer (borrower responsible for wire fee). Turnaround time is typically 3-4 business days from the draw request final approval to the borrower’s receipt of the funds.
Interest is calculated based on the full loan value.
Inspection Fees: Our inspection fee ($150) will be deducted from the draw. The borrower can request as many inspections as needed, but no less than 60 days from the closing of the loan or the previous inspection.
NOTE: GOAT Funding Group does not release funds for work that has not been performed, including the start of rehab.
If you have any questions don’t hesitate to call us at 877-346-4628 or email us at firstname.lastname@example.org
DRAWS WILL NOT BE RELEASED UNTIL PROPER SUBMISSION OF DRAW REQUEST AND LIEN WAIVERS ARE RECEIVED. DRAWS WILL ONLY BE PAID ON 100% COMPLETED WORK.