What is needed to process a draw request?
Submit to our office an updated Sworn Statement which properly discloses all subcontractors and the amount you wish to draw. The Sworn Statement must be signed by the General Contractor and notarized prior to our processing. Additionally, any waivers that were not provided from the prior draw will need to be presented at this time.
Do I need to have Waivers signed?
Yes! Waivers are for the borrower and your protection. They indicate to us that the subcontractors have been paid.
Can I increase or change amounts on the sworn statement?
We understand construction prices do change frequently. However, if you are increasing amounts, you will need to contact the Lender for approval. Their loan approval was based on the initial Sworn Statement.
How long does the draw process take?
Generally about three to five business days. This will depend on the accuracy of the information provided. We also have to perform an updated title search at this time.
How are draw checks issued?
Generally, draw checks are issued to the borrower AND the builder. This assures the borrower that the work is complete and approves the draw request. Some lenders may also have specific requirements to honor.