First, you need to fill out a lien waver and a wire transfer form that you will get in an email after your loan closes. It is VERY important that you take the form to your bank and have THEM fill out the correct information, or be VERY careful filling it out yourself not to impose numbers. Wrong information causes delays and extra costs to you to re-wire. Borrower must provide the bank’s name, address, telephone, account holder name and account number, and bank’s wire routing number.
Draw requests are processed in the order in which they are received in draw dept. The anticipated turn-around time for payment to be released after receiving the inspection report is 36-48 business hours. Disbursements are paid, via wire transfer, from Escrow directly to the Borrower’s bank account. We do reserve the right to pay contractors and subcontractors directly.
For more information download these documents:
Cost Breakdown Spreadsheet: Click to Download
Sample Bid Scope of Work: Click to Download