We cover 100% of the construction’s costs in all our loans. Depending on which loan option you select, the construction loan will operate as either a reimbursement or an advance. Once the loan has closed and priority pictures are taken, you can begin work.
For a reimbursed construction loan, you will begin funding the cost of construction after closing. As you’re ready to be reimbursed for what you have spent thus far, you will share receipts and lien waivers with our team. We will cross-check our most recent inspection report to ensure progress has been made and will then reimburse you for what you’ve spent. This process will repeat itself until the last draw as the project is wrapped up.
For an advanced construction loan, we will wire over funds for you to use toward construction costs as soon as you’re approved to begin work. Once you’ve spent those dollars, you will share receipts and lien waivers demonstrating where that money was allocated. Similar to a reimbursement loan, we will cross-check our most recent inspection report to ensure progress has been made and will then advance the next set of funds so you can continue moving your project forward without the use of your own dollars.
Our inspector is out every two weeks to collect updated inspection reports so as you request a draw, we have an up-to-date status on the project therefore removing the need for a site visit. Upon collecting all the necessary draw information, the next set of funds should be ready in 48 hours. Regardless of the construction loan setup, all funds will be disbursed through the title company that closed the loan.
