How does the draw procedure work?
You may have as many as five (5) draws as described in the “Rehab Loan Draw Schedule” over the life of the loan.
Each draw request will require an inspection to ensure that the work is completed in a thorough and professional manner.
After completing a certain percentage of the required work, you will fill out a “Draw Request Form” online. We will schedule an inspector to visit your property and authorize release of your funds.
Your payments must be current in order to draw funds.
The inspector is one approved by Carolina Capital Management, LLC. There will be a $150 inspection fee charged for each draw, which is deducted from the total draw amount.
If you request a draw and the work requested for reimbursement is not complete, you will be charged for the initial inspection and for the re-inspection, if you request one.
Upon completion of the complete project, you (and the contractor if there is one) will sign a completion certificate verifying all work is complete and code violations, if any, have been satisfied. Draws will not be released on or after the first payment is due and not received.