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PO Box 5606, Glen Allen, VA 23058 www.vaumdevco.org device×vault.org 8045211150CONSTRUCTION LOAN DRAW REQUEST Please PRINT and include ALL requested information. A Construction Loan Draw Request

How to fill out construction loan draw request

How to fill out construction loan draw request

1. Obtain the necessary loan draw request form from your lender.
2. Provide your name, contact information, and the project identification details at the top of the form.
3. Fill in the date of the draw request and specify the amount you are requesting.
4. Detail the work that has been completed during the current period, including any materials or equipment that have been purchased.
5. Attach relevant supporting documentation, such as invoices, receipts, and photographs of completed work.
6. Provide a breakdown of the costs associated with each completed task or phase, along with the total amount requested for each item.
7. Include any change orders or variations that have occurred since the previous draw request.
8. Sign and date the draw request form before submitting it to your lender for review and approval.

Who needs construction loan draw request?

1. Construction project owners who have obtained a construction loan to fund their project.
2. Contractors and subcontractors who are responsible for completing the work and need to request payment for their services.
3. Lenders who provide construction loans and need to assess the progress of the project before disbursing funds.

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What is construction loan draw request?

Construction loan draw request is a formal request submitted by the borrower to the lender for funds to cover the costs of construction or renovation.

Who is required to file construction loan draw request?

The borrower or their authorized representative, such as a contractor or project manager, is required to file the construction loan draw request.

How to fill out construction loan draw request?

The construction loan draw request form typically includes information on the current project status, costs incurred, funds needed, and any other relevant details. The borrower must fill out this information accurately and completely.

What is the purpose of construction loan draw request?

The purpose of the construction loan draw request is to request funds from the lender to cover the expenses of the ongoing construction project. This helps ensure that the project stays on track and on budget.

What information must be reported on construction loan draw request?

The construction loan draw request must include details on the current project status, costs incurred, funds needed for the next phase, and any other relevant information requested by the lender.