we take pride in our efficient and transparent draw process, designed to empower our clients with seamless access to the funds they need for their real estate projects. Our draw process is a cornerstone of our commitment to delivering exceptional service and supporting the success of our clients.
Draw Request
Please keep the following in mind:
The most efficient means of communication is via email to gabc@abc-lending.com Advances are made in arrears, meaning only after material has been received, on-site and work has been completed. Draws are advanced via wire to an account in the name of the borrowing entity only.
To request a draw:
- Complete the Abclendingco Form
- Update the Abclendingco Approved Budget from closing.
• Please specify the work items which have been completed by line item. - Submit the Abclendingco Draw Request Form & Lien Waiver, Contractor Lien Waiver(s), updated Budget, invoices, paid receipts, and photos of completed work to
gabc@abc-lending.com
- Upon receipt, Abclendingco will immediately order an inspection.
- Once the inspector’s report is returned to Abclendingco office, the report will be reviewed and approved by management and funds will be wired to your account within 1-2 business days.
Who signs the lien waiver if I am the General Contractor?
You will sign as your GC for all day-laborers and unskilled trades. We will need signatures from the following skilled trades: Electricians, Plumbers, Gasfitters, Masonry/Driveway, Insulation, and HVAC.
What is the turnaround time for a draw disbursement?
Typically, 5-7 business days of the request.
Will I be reimbursed for materials if I already paid for them?
We will reimburse 25% of the materials upon delivery (proof of which will be verified by Abclendingco Capital’s inspector) and the balance upon installation per your budgeted amount.
What do I do if I am going over budget and cannot afford to finish the project?
Contact Stormfield Capital via email to
gabc@abc-lending.com
AS SOON AS POSSIBLE.
What is your commitment to environmental sustainability?
Abclendingco is committed to promoting environmental sustainability in construction projects, by supporting the use of eco-friendly building materials. We believe that the use of materials that are renewable and recyclable not only benefits the environment but also creates a benefit for the end user of the real estate. By promoting environmentally sustainable building materials, Abclendingco helps reduce the carbon footprint of construction projects it finances and contributes to a more sustainable future. Some examples include:
- Low-E windows
- Recycled wood/plastics
- Cool roofing
- High efficiency furnaces and boilers (90%+ AFUE)
Complete the Contractor Lien Waiver(s) (a Lien Waiver must be completed for each Contractor).