Construction Loan Disbursement
Draw requests are submitted on approved draw request form which includes construction budget and must be accompanied by all supporting documents and prior draw lien waivers. The form must be signed and dated by the Borrower. A list of Vendor/Payees will also be required with Name, Address and Contact Information (Contact Person, Phone/Fax Number, Email Address).
After submission of the Draw Request, a title search/endorsement will be ordered and an inspection will be ordered (if applicable). Upon approval of inspection and verification of all required documentation by the lender. Escrowee will request from the Lender funds to be sent to Escrowee. Funds will be disbursed directly to Vendors/Payees/Contractors as stated in the disbursing agreement through Escrowee. Signatures will be required on appropriate Lien Waivers in order to receive payment. The Borrower may receive construction funds directly on amounts already paid only if accompanied by a Vendor’s paid receipt and Lien Waiver.
No Funds will be disbursed without proper documentation.
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