Funds from construction loans (commonly referred to as "fix and flip" and "bridge" loans) are disbursed to the borrower via draw request. A draw request typically involves a submission of invoices and receipts of work performed and materials purchased associated with work that has been completed per the scope of work (SOW) or budget that is submitted to your lender.
The borrower or the general contractor representing the borrower will then schedule a draw inspection with the lender. An inspector representing the lender will visit the job site and confirm the work completed and materials on site so the lender can reimburse based on the inspected progress.
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What is the draw request process for OfferMarket Capital construction loans?