{"id":572,"date":"2013-02-06T12:11:47","date_gmt":"2013-02-06T19:11:47","guid":{"rendered":"http:\/\/privatemoneysource.com\/blog\/?p=572"},"modified":"2013-02-06T12:11:47","modified_gmt":"2013-02-06T19:11:47","slug":"draw-process-for-rehab-and-construction-loans","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/blog\/?p=572","title":{"rendered":"Draw process for rehab and construction loans"},"content":{"rendered":"

Clay Sparkman<\/em><\/p>\n

We plan to do as many rehab and construction loans as we can this year. We see great potential in that area. Builders are under-building (by a substantial number of units, and going back 3+ years), and this is mostly because banks haven’t recovered to the point where they are comfortable doing construction style lending–and thus there aren’t many options for those looking to make money, through value added, in the real estate market.\u00a0 Unless, that is: You consider private money.<\/p>\n

We are frequently asked how our draw process works. I have included a copy of our Draw Request Submission Requirements document below.<\/p>\n

One final note: If you’d like a sample copy of our Budget Matrix, please send me an e-mail requesting it. I tired to get it formatted correctly for this blog post, and it just didn’t want to go.<\/p>\n

DRAW REQUEST SUBMISSION REQUIREMENTS<\/strong><\/p>\n

You are entering into a loan that contains a construction disbursement account.\u00a0 As the project progresses, Fairfield Financial may disburse funds on work that is completed.\u00a0 In order to request disbursements, a draw request must be submitted to our office.\u00a0 There is a $150 Draw Processing Fee for every draw you submit.\u00a0 You may submit as many draw requests as you wish.\u00a0 Each time you wish to submit a draw request, please follow the requirements listed below:<\/p>\n

Cover page \/ Instructions<\/span>:<\/p>\n

For each disbursement item:<\/p>\n