Draws are managed through our draw management software: Built. At or before closing you will receive an instructional email and an invitation to activate your account. The system is cloud and app-based and makes requesting a draw as simple as entering amounts into your phone and hitting a button to submit.
Trueline Capital will only reimburse for work that has been completed and approved by an inspector. The amount of disbursement is determined from your Cost Breakdown Form. We will only disburse up to the amount that is stated on each line item, regardless if you are over or under budget.
Funds can be disbursed directly to you or to your contractor. A check can be mailed to you or your contractor or be available for pick up at our office. Funds can be sent electronically via wire transfer or ACH for a $25 fee.
It typically takes 3-5 business days for us to set your loan up in our system. Once you activate your account in Built you are free to request a draw once work has been completed.
A draw can be processed at closing to pay for work that has already started on your project and to reimburse soft costs incurred during feasibility. Our inspector must approve “hard cost” work completed before the draw can be funded.
Draws can be requested at any time and multiple draws can be requested in a month – up to one per week. One draw per month is typical for most borrowers.
Each draw request requires an inspection to verify the completed work. Included with your loan is one free inspection per month. Additional draws/inspections will be charged and range from $75-$125 depending on the inspector; we can hold the money out of your draw funds, or you can send us a check along with your draw request.
3-5 business days from the time you send in the request to the time you receive your funds. Inspections take 2-3 business days and we reserve one additional day to review the draw and gather applicable lien waivers.
We do not require receipts, but please hold on to them. We do require lien releases for sub-contractors that complete work. Lien releases for the previous month’s draw are required prior to the next month’s funds being issued. For example, if the foundation was completed in January and we send funds to cover the cost of the foundation in February, then we would need a lien release from the subcontractor who laid the foundation prior to issuing the March draw.
Please email or call Bruce Hardy with additional questions: [email protected] or (541) 640-2888.