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Advantedge Financial Services Pty Ltd ACN: 130 012 930 Australian Credit Licence: 391202 Level 10, 101 Collins Street, Melbourne VIC 3000 Phone: 1300 543 558 Email: elect@mycustomercare.com.au MyLoan

How to fill out progress drawdown request form

How to fill out progress drawdown request form

1. Start by obtaining the progress drawdown request form from your lender or financial institution.
2. Fill in your project details, including the project name, address, and loan number.
3. Specify the amount you are requesting to draw down for the current progress.
4. Provide documentation that supports your request, such as invoices, receipts, or contractor statements.
5. Ensure all amounts requested match the progress achieved as per your project timeline.
6. Sign and date the form to confirm the accuracy of the information provided.
7. Submit the completed form and supporting documents to your lender for review.

Who needs progress drawdown request form?

1. Contractors who are undertaking projects financed through loans.
2. Project managers overseeing construction or renovation projects.
3. Developers needing funds for ongoing project expenses.
4. Borrowers who require access to funds as work progresses.

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What is progress drawdown request form?

The progress drawdown request form is a document used by project developers or contractors to request the release of funds or payments based on the progress of work completed in a construction or development project.

Who is required to file progress drawdown request form?

Typically, contractors, subcontractors, or project managers who are overseeing the construction or development project are required to file a progress drawdown request form.

How to fill out progress drawdown request form?

To fill out the progress drawdown request form, one should provide details such as the project name, contract number, the amount being requested, descriptions of work completed, and any supporting documentation that verifies progress.

What is the purpose of progress drawdown request form?

The purpose of the progress drawdown request form is to facilitate the release of funds for work completed, ensuring that contractors receive timely payments that correspond to the progress made on a project.

What information must be reported on progress drawdown request form?

Information that must be reported includes the contractor's details, project specifications, percentage of work completed, amount requested, previous draws taken, and any relevant dates and documentation.