CoreVest’s Construction Management Draw Process Overview:

This applies to our RTL/Bridge loans; Fix and Flip, Ground-up Construction, Lines of Credit, and Build-to-Rent

• Once loan closes, CM Team sends Welcome email
• Email includes username and temp password to access Draw Request site, “OneSite”. They have the option to schedule a welcome call with their dedicated Construction Manager to discuss the process
• Borrower initiates funding request by submitting a draw package through OneSite
• They provide supporting documentation in their funding request

NOTE: You can only request reimbursement for completed work.

• CM Team reviews documentation submitted in the request and orders an inspection
• Inspector reaches out to the borrower to schedule the inspection, and reports back to CoreVest with a report and photos
• CoreVest reviews the report and if approved, funds are wired to borrower entity within 2-5 business days for fix and flip. Draw turn times and documentation vary by product type.
• Draw servicing fees, and 3rd party fees (inspection/wire) will be netted out of each draw

NOTE: Draw funds will not be sent if real estate taxes are delinquent, property insurance is not in place, or loan repayments are past due

Required documentation to initiate a draw request:

• The borrower will be asked to submit their wire instructions and W-9 for the borrowing entity (on the 1st draw only)
• They will complete and submit an electronic draw request form executed by the borrower(s) and the contractor(s)
• Additional documentation (if applicable) includes; Soft cost invoices and proof of payment, structural permits, unconditional lien waivers, certificate of occupancy or equivalent, unconditional lien waivers from the General Contractors(s) and any subcontractors, and borrower’s letter of completion on the final draw