Understanding the Loan Draw Process in Kansas City
Crossroads Investment Lending’s Guide to Processing a Draw
No one ever said construction was easy, especially when it comes to funding your project. If you’re looking into fix and flip funding for your project in or around Kansas City, Crossroads Investment Lending wants to help. As one of the area’s premier real estate investment funding experts, we can walk you through the entire loan draw process. Our team is familiar with the ins and outs of collecting documentation, and we can help beginners and seasoned professionals alike. Learn more about the loan draw process and how we can help.
What’s Included in a Draw Request?
Whether this is your first time working with Crossroads Investment Lending or you’ve collaborated with us before, it’s never a bad idea for a refresher on draw requests. The loan draw process is much more than just a simple request you can quickly fill out and submit. Rather, a draw request is a collection of documents you must submit together as evidence of the progress of your construction project. In most cases, draw requests are based on just one milestone within the project. The following documents are essential parts of a draw request:
- Change Orders
- Lien Waivers
- Overview of Progress
Working Through the Loan Draw Process
We know the loan draw process isn’t always an easy one to navigate. Crossroads Investment Lending is here for you every step of the way, ensuring all documentation is collected and filed properly. We start with a draw schedule illustrating a payment plan for the duration of your construction project. In contrast to many of our competitors, we fund draws after considering the already-completed work. This way, there’s no worrying about what constitutes 25 percent completed. With this burden off your plate, the loan draw process becomes much more streamlined and stress-free.
Gaining Pre-Approval for a Line of Credit
As you move forward with the loan draw process, you’ll encounter numerous forms. Whether or not you’re already familiar with these forms, Crossroads Investment Lending is here to help. First, you’ll need to get pre-approved for a line of credit. Our straightforward credit application collects all the information we need to help you complete this step of the loan draw process. Besides some baseline information, this form also asks for your latest tax returns and personal financial statements.
Streamline Your Personal Financial Statement
If you’re unfamiliar with the personal financial statements mentioned above, Crossroads Investment Lending can provide the forms you need. This form collects information regarding your current financial situation, including an exhaustive list of assets and liabilities of all kinds. Here, you’ll report any retirement funds, securities, real estate assets, mortgages, and taxes payable, among others.
Get Started on Your Draw Request Form
Once you’re ready to fill out the draw request form, Crossroads Investment Lending still has your back. We understand managing a construction project is enough of a challenge on its own before you throw countless forms into the mix. During this portion of the loan draw process, you’ll need to furnish information concerning how to access the property and what repairs you need to be funded. As you work through this form, our team is always on hand to answer your questions. In general, please plan for at least 24 hours to schedule inspections and an additional 24 hours for payment. We perform draw inspections on Tuesdays and Thursdays.
On Your Side Throughout Your Project
Ready to secure the funding you need? Flipping houses and general construction is expensive, and you need all the funding channels you can get. Crossroads Investment Lending is here to make sure you get the cash you need to make your latest project a success. We’ve been a staple in Kansas City since we were founded by JD Asbell, and we plan to continue to uphold a reputation for trustworthiness. Although Kansas City is our main service area, we’re also proud to represent clients in Lawrence, Topeka, and St. Joseph. No matter your construction project or location within our service area, Crossroads Investment Lending is on your team. Contact us today!
Request and Process a Draw to Complete Your Project:
Draw funds when work is completed as your project gains value via the simple Draw Request Form.
Why Choose Us?
- Family Owned & Operated
- Local Fix & Flip Finance Experience
- All Credit Scores Considered
- Close in 7-10 Business Days
- Short Term Loan for Investment Projects