Exceptions & Notations
We inspect first and then fund if: (a) the request is for $60,000 or more,
(b) if the loan went out-of-balance (a prior draw was overfunded),
(c) if it is the final draw and/or (d) in the event of a market downturn
or other cause for additional caution.
Fee: There is a flat charge of $150 per inspection.
Direct Funding: If a loan exceeds a certain LTV and/or LTC,
we reserve the right to fund the 5 largest budget line items directly to the trades,
suppliers, and/or to the general contractor. At higher advance rates,
we reserve the right to fund any or all budget items directly to the trades,
suppliers, and/or to the general contractor.
Final Draw: To fund the final draw, we may require the certificate of occupancy or completion.
Lien Waivers: We reserve the right to require.