Inside a loan file
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      Budget & Draws

      This tab only display when the question, "Does this property need rehab/construction? " = YES... It tracks the individual draws funded with detailed notes & file uploads. It also adds up the total draws funded & subtracts from the escrowed rehab/construction budget.

       

      "Draws" What is it? :

      Draws allow lenders to disburse funds gradually as the project progresses, rather than providing the entire loan amount upfront. This reduces the risk for the lender because they can ensure that funds are being used for their intended purpose and that the project is advancing as planned. It also gives them greater control over the loan and helps minimize the risk of default.

      Overall, Budgets and Draws help lenders mitigate risk, ensure accountability, and increase the likelihood of successful loan repayment.

       

      04/05/2024 Update

       

       

      Loan Info Tab

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      Budget & Draws Tab

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