How do Draws Work
Discover our straightforward and transparent draw process, designed to ensure timely disbursement of funds at each project stage, keeping your construction or renovation on track and within budget.
How Do Draws Work?
Understanding how draws work is crucial for managing your construction or renovation project efficiently. At Perfecto Capital, we ensure that the draw process is straightforward and transparent, allowing you to focus on your project’s success.
What Is a Draw?
A draw is a scheduled disbursement of funds from your loan, allocated as your construction project progresses. Draws are typically released at various stages of the project, ensuring that you have the necessary capital to cover costs as they arise.
How the Draw Process Works
Initial Consultation
During the initial consultation, we outline the draw schedule based on your project’s timeline and milestones. This ensures that funds are available when you need them.
Draw Request Submission
To request a draw, submit a draw request form along with the necessary documentation, such as invoices, receipts, and progress reports. This helps us verify that the funds are being used appropriately.
Inspection and Verification
Upon receiving your draw request, we conduct an inspection to verify that the work claimed has been completed. This step ensures that funds are disbursed according to the project’s progress.
Disbursement of Funds
Once the inspection is complete and the request is approved, funds are disbursed promptly to keep your project on track. We prioritize timely disbursements to avoid any delays in your project timeline.
Ongoing Support
Throughout the project, our team is available to provide support and answer any questions you may have about the draw process. We are committed to ensuring a smooth and efficient experience for our clients.
Get Started Today
Ready to streamline your project's funding with our efficient draw process? Contact us now to learn more and begin your journey with Perfecto Capital.
Frequently Asked Questions
What is the procedure for requesting a draw?
To request a draw, please complete our draw request form and submit it along with any supporting documentation to [email protected].
Will a representative conduct an on-site inspection to take photographs, or should I submit photographs myself?
A representative from NVMS will visit the property to take photographs.
Who is NVMS?
NVMS, or National Vendor Management System, is a third-party inspection company contracted by Perfecto Capital to manage on-site inspections.
Who requests the inspection from NVMS?
Perfecto Capital’s Draw Department will order your inspection once you have submitted your draw request form.
Am I eligible for payment for line items that have not yet been completed?
No, our draws are reimbursable, meaning you will only receive payment for work that has been completed and verified by a third-party inspection company.
Who is responsible for scheduling the inspection?
A representative from NVMS will contact you via phone call or text message to arrange a suitable time for the property visit.
Can I be present during the inspection?
Yes, we recommend your presence in case the representative has questions or needs assistance accessing parts of the property. You can coordinate with the NVMS representative to be there during the inspection.
What is the typical timeframe for receiving funds after submitting a request?
It typically takes 3-5 business days to receive reimbursement for your draw.
What are the fees associated with each inspection?
The cost per inspection is $150 per unit inspected. For example, if your property is a duplex, the total inspection fee will be $300.
What payment methods are available for the inspection fee?
Will I be reimbursed for materials ordered that have not yet been installed?
No, reimbursement is only available for materials that have been purchased and installed.
What documentation is required for reimbursement of architectural plans and permits?
How can I request funds from the Contingency line item?
Is it possible to modify the Scope of Work if project costs change?
Are there minimum or maximum limits for draw amounts?
How many draws am I permitted to take for each project?
Can I obtain the inspection report for each draw?
Yes, you can request a copy of your report by emailing [email protected].
What happens to any remaining funds that I do not utilize?
What documentation must I provide to receive my final draw?
Who is responsible for the cost of the final draw inspection?
If I am holding my property, what documentation will I need to submit to receive my final draw?
Benefits of the Draw Process
Efficient fund management, transparency, and project control ensure timely disbursements, accountability, and budget adherence, minimizing financial strain and reducing risks of overspending or delays.
Ensures funds are available at each stage of the project, reducing financial strain.
Provides a clear, structured process for fund disbursement, ensuring accountability.
Helps maintain control over the project’s budget and timeline, minimizing the risk of overspending or delays.
Request a Draw
Easily request your draw from Perfecto Capital by completing the form below. Provide details and upload required documents to expedite your funding process efficiently.
Upload Invoices, Photos, and Other Supporting Documents