Construction loans are generally funded in stages. At each stage, a portion of the overall loan is funded and made available in a construction draw account. As funds run low, the borrower is responsible for requesting additional staged funding up to the full amount of the loan. The borrower pays interest only in the amount of money that has been funded at any given time. A Staged Funding Request is a short, written request to deposit additional funds in the construction account.

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Staged funding takes 10-15 business days from the time of request.

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Once a staged funding is received and is placed into a borrower's construction draw account, those funds are available for use on the borrower's building project. In short, it's a written authorization to disburse funds into the construction account.

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48 hours from the time the draw request is received, a check should be ready. If the borrower requested the check to be mailed, please allow 5 business days for the check to arrive via mail. If the check was scheduled for pick up, it will be ready in the Construction Will Call folder located at the receptionist's desk. The borrower must sign the Construction Will Call Sheet acknowledging the receipt of the check. If the vendor is picking up the check it must be first authorized by the borrower, and then the vendor must sign the Construction Will Call Sheet.

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After any work is completed on a Construction account, a ledger or statement is sent to the borrower. The date and current balance will be noted or highlighted. Even if the checks were mailed directly to the vendors or picked up by the vendors, a statement will be mailed to the home address of the borrower. If the checks are being picked up by the borrower, a ledger will be included with their checks.

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Typically, it takes a few days for the county to return to us a recording confirmation. Once we receive Recording Confirmation, the escrow department will then move the funds to the Construction Department, and from there it can take a day to have the funds accessible depending on the time the Construction Department receives the opening deposit. Please note; a draw request must be completed in order to access any funds. It is best to have draw requests submitted in before the opening deposit is received to prevent any further delay.

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