Draw Requirements

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.