Get the free ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM - scdhec

This form is used by project sponsors in South Carolina to request disbursement from their State Revolving Fund loan for construction projects under the American Recovery and Reinvestment Act of 2009.

How to fill out arra construction only loan

How to fill out ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM

1. Start by obtaining the ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM from the appropriate agency or website.
2. Fill in the project name and address at the top of the form.
3. Enter the loan number or account number associated with the project.
4. Specify the draw amount requested in the designated section.
5. Provide a detailed description of the work completed that correlates with the draw amount.
6. Include any necessary documentation to support the draw request, such as invoices or receipts.
7. Ensure that all signatures required from the borrower and lender are provided.
8. Double-check the form for accuracy and completeness.
9. Submit the completed form along with any supporting documents to the designated processing office.

Who needs ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

1. Contractors or developers engaged in construction projects funded by ARRA loans.
2. Entities responsible for managing federal construction funds.
3. Borrowers who require draws on their ARRA construction loans for completed work.

People Also Ask about

How long does a construction draw take?

Once all tasks are completed, the lender will approve the draw and wrap up their involvement in the draw process. The process from draw request to draw approval typically takes 5-7 business days and is the time frame often cited as the complete draw approval process.

What does a draw mean in construction?

Construction loans are unique in that they disburse funds incrementally. This process, known as a draw, requires careful management to ensure that funds are released in alignment with project milestones.

When a lender receives a draw request?

Once a draw request has been submitted to the lender, the review process begins. The lender needs to review all the documents, order and approve inspections, and verify that all the work claimed to be completed, has been. This draw approval process ideally takes about seven business days.

How do I request a draw on built?

From the Projects tab, request a draw from within a specific project, click View Details on the relevant project. Click Request Draw in the upper right corner of the screen. Enter the dollar amount you would like to request for each line item in the budget.

What does requesting a draw mean?

A draw request is a written request for funds from a construction load to be disbursed to a contractor or project owner as certain phases of the project are complete. During the loan application, these specific phases are agreed upon by the lender and the contractor — this is known as the draw schedule.

What is a construction draw request?

Draw requests in construction loans involve submitting invoices, receipts, budgets, change orders, and lien releases. Contractors and suppliers must provide detailed invoices for work completed during the draw period.

What is a construction draw loan?

Construction loans are unique in that they disburse funds incrementally. This process, known as a draw, requires careful management to ensure that funds are released in alignment with project milestones. When project owners need more funds to continue construction, they must submit a draw request.

What does it mean when a contractor asks for a draw?

A draw request is a formal request for funds. As each stage of a project is completed, money needs to be designated for those phases. The contractor submits the draw request to the project owner or lender. This document lays out the specific work that needs to be completed and what materials are needed for the project.

For pdfFiller’s FAQs

What is ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

The ARRA Construction 'Only' Loan Draw Request Form is a document used to request disbursement of funds specifically allocated for construction projects under the American Recovery and Reinvestment Act (ARRA).

Who is required to file ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

Entities that have received ARRA funding for construction projects are required to file the ARRA Construction 'Only' Loan Draw Request Form to access their allocated funds.

How to fill out ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

To fill out the ARRA Construction 'Only' Loan Draw Request Form, provide the required project information, the amount requested, and any necessary supporting documentation to justify the draw.

What is the purpose of ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

The purpose of the ARRA Construction 'Only' Loan Draw Request Form is to facilitate the release of funds for ongoing construction projects funded by ARRA, ensuring proper allocation and use of federal resources.

What information must be reported on ARRA CONSTRUCTION 'ONLY' LOAN DRAW REQUEST FORM?

The form must report details such as the project name, identification numbers, the amount being drawn, a summary of expenses incurred, and any compliance documentation required by ARRA guidelines.