Congratulations on advancing your project to the point where you're ready for a draw! This article will help ensure we get the information we need from you so that we can expedite the draw inspection and get you the capital you need to keep your project moving forward.
Request Form
First step is to head over to https://info.upright.us/draw. There you will complete a simple form that allows us to collect the information we need to process your request.
After you complete the form one of two things will happen.
If you've provided all the information we need, we'll get an inspection ordered. Look out for a call, email or text from the inspector, typically within 24 hours.
If you missed something, you'll get an email from our team for the missing info and then we'll be back on track with #1 above.
Here's what we're going to need as you're completing the draw form.
Statement of Work: This might be the most important thing you can send us. You can download your approved statement of work we used when we originated your loan from your dashboard. Once you have the statement of work downloaded, you will add the amount you are requesting next to each line item. This will help the inspector focus on those specific line items to help ensure we get you the funds you're requesting.
Primary Contact Name: This is who you want the report sent to once the draw is complete. Could be you or someone else on your team. If you want to designate someone else to meet the inspector on site, have no fear, you can do that later on in the form.
Primary Contact Info: We'll ask for email and phone number for the primary contact above so we can send you the report and reach out if anything comes up.
Property Details: We need some property address details so we know what property is being inspected.
Expected Reimbursement Amount: Let us know how much your expecting. This should generally align with what you filled out on your SOW. Please be realistic here, we're going to fund off the inspection report and what our team analyzes so its not helpful for anyone by inflating this number beyond what we're going to see when we go out there :).
Point of Contact for Inspection: If this is the same person as the primary contact that you filled out previously, nothing more to do here. If you want to assign someone else on your team to meet the inspector you can do that here.
Inspection Supervision: If the property can be accessed without you or someone from your team being present, you can let us know that you don't need to be there. Be sure to give us the lockbox code if you select this option. Please note that we need interior access. If the inspector can't get in, this will delay your draw.
Once you've completed all the necessary info, submit the form and it will go into our work queue to get going on.
Below are some additional things you should know before making a draw request.
Draw Disbursement Requirements
Your loan must be current on all interest payments to be eligible for a draw.
Your loan must be within its loan maturity date to be eligible for a draw.
We cannot net interest payments out of a construction draw.
We will only reimburse against items that were complete at time of inspection.
If your loan is a new construction loan, the properties foundation/piles/slab must be complete to receive your first draw.
If your loan is a rehab loan, we will only disburse funds once value-add work has been started.
Draws must exceed $10,000.00 for approval. Please ensure you have completed enough work on your Scope of Work to meet or exceed this threshold.
Requesting Construction Draws with Open Payoff Statement
We cannot initiate a draw request if there is an open loan payoff statement.
If a draw is sent with an open payoff statement, the open payoff statement will be voided.
Scheduling an Inspection
Once an inspection is ordered, an inspector will be calling on behalf of Upright to schedule the inspection. Please have availability to ensure a timely draw disbursement.
Approved SOW
Draws will be reviewed and reimbursed against only the approved SOW provided at time of closing.
If you'd like to make changes to your SOW, please highlight your requested changes in the Uploaded SOW you provide.
You can only request one SOW change through the life of the loan.
We cannot order an inspection if there is a SOW Change Request under review.
Hit the button below to get started with requesting a draw!