Loan drawdown process8/13/2023 ![]() ![]() Whether for work performed, or materials purchased, they should be sufficiently detailed to justify the draw request. These should be collected from all subs and suppliers before submitting a draw request as justification for the funding. Invoices and receiptsĬlearly, one of the more critical inclusions in a draw request is the invoices and receipts for the work performed during the draw period. Still, let’s take a look at the typical documenttion that should be included in a draw request. The documents required for each draw depends on the lender (and sometimes the state). The draw amounts are based on the cost breakdown for that particular milestone. These documents are meant to provide clear evidence of work that has been completed and support the costs associated with reaching the draw milestone. It’s a bundle of documents submitted to the lender requesting funds to be released. ![]() ![]() The draw request document bundleĪ draw request isn’t just a simple form. This bundle is commonly referred to as a draw request. If everything checks out, payment will be released. This report should be substantiated by a bundle of various documents offered as proof of the work performed. With a draw schedule in place, an owner or project manager will submit a detailed report of the work completed at certain points in the project. These are typically split up into various milestones or phases of the overall project. A construction loan draw schedule is a detailed payment plan for the construction project. Understanding construction loan draw requests Organized and thorough draw requests speed up payment.What’s the difference between a draw request and a payment application?.Understanding construction loan draw requests. ![]()
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