What is your draw release process?
The borrower submits the Statement of Work (SOW) to the lender via this link, indicating the completion status of each line item, either fully or partially, with a percentage of completion noted. (The total amount at the bottom of the SOW must remain consistent throughout the entire loan term. If any line items need modification, a revised SOW must first be sent to the lender for approval via email.)
When requesting an inspection, the borrower can include a note specifying whether they prefer to conduct a self-inspection or request a third-party inspection from CFSI.
At the same time, the borrower will receive a DocuSign for the first draw on each new loan to confirm their wire transfer details.
The lender disburses funds on the same day the inspection results are received, calculated as the project’s percentage completion multiplied by the holdback amount, minus any previously released funds. Each wire release will include a $30 fee for wire transfers and a $270 inspection fee, both of which will be deducted from the total draw amount.
When requesting an inspection, the borrower can include a note specifying whether they prefer to conduct a self-inspection or request a third-party inspection from CFSI.
At the same time, the borrower will receive a DocuSign for the first draw on each new loan to confirm their wire transfer details.
The lender disburses funds on the same day the inspection results are received, calculated as the project’s percentage completion multiplied by the holdback amount, minus any previously released funds. Each wire release will include a $30 fee for wire transfers and a $270 inspection fee, both of which will be deducted from the total draw amount.