How the Draw Process Works
The funds for the Renovation Budget is the money Wildcat Lending has placed in an escrow account for the project, and will be released in accordance to the Escrow Agreement signed at closing.
The Draw Request will be reviewed against the Rehab Budget. Requests for money up front with no work started will not be approved. Work started or acceptable request for reimbursement examples are listed below:
- Work completed
- Work in progress
- Materials on site
- Valid invoices, receipts, & deposits
Please communicate to us any changes to the Rehab Budget.
- If the budget is still accurate, we shouldn’t have difficulties in releasing funds.
- If the budget is no longer accurate, we will need a revised budget from you (examples: your vision of the project has changed, unexpected work, or you changed contractors).
- If you are paying for a portion of the renovation budget outside of your loan with Wildcat Lending, let us know the amount and details so we can track the entire project cost.
Additional documentation is required for certain types of work, when applicable. To avoid delays, please email the attachments to firstname.lastname@example.org when you submit your draw request.
- Warranty on Roof
- Warranty on Foundation
- Engineering Report
- HVAC invoice
- Green Tags on Plumbing, Electrical, and Mechanical
- Invoices/contracts for any deposit made when money up front is requested (flooring, cabinets, counter tops, windows, etc.). Estimates and quotes are not acceptable.