Once the work outlined in your draw schedule is complete, you can easily submit a draw request through SiteWire, our intuitive app designed for seamless project management and funding requests. SiteWire simplifies the process, allowing you to identify each completed item for which you’re requesting payment directly within the app. After your request is submitted, an on-site property inspection will be scheduled. During the inspection, a professional will verify the accuracy of your request and ensure the completed work aligns with the draw payment amount. With SiteWire, managing your draws has never been more efficient or straightforward.
We do not impose a minimum or maximum limit on draws, giving you the flexibility to request funds as needed throughout your project. Additionally, we do not require any upfront payments for draw-related fees, ensuring a seamless and borrower-friendly process.
If the inspector (or SiteWire GC) identifies any issues with the draw request, such as incomplete or unsatisfactory work, the draw amount will be adjusted to reflect only the work that has been completed satisfactorily. Any uncompleted work can be included in a future draw request once it has been completed to the required standard.
Construction draws can only be submitted for work that has been completed. Funds from your construction or rehab loan cannot be used to pay upfront deposits to contractors. As the property owner, it is your responsibility to cover any deposits required by contractors before the work is completed.
Draws are always paid directly to our borrowers. It is the borrower's responsibility to pay their contractors and subs.
New construction loans require a licensed contractor. For Fix and Flip loans, a GC is not required.
Yes. We will consider extensions provided the loan is in good standing. Extensions typically last 3 months and we charge a 1% fee added to the payoff amount.
No! At Acadia Capital, our goal is to streamline the process as much as possible. We use 3rd party valuation software and conduct internal evaluations for ARV.
Construction draws may be submitted for completed work only, and you may not draw from your construction or rehab loan to pay upfront deposits to contractors. As the property owner, you are responsible for the payment of any deposits required by contractors prior to the completion of work.
As the property owner, you are solely responsible for any cost increases, whether due to overruns or changes in the scope of work. Acadia Capital is obligated to disburse funds only for the amounts allocated in the Draw Schedule. If certain items exceed their budgeted costs, you will be responsible for covering the difference between the actual expenses and the budgeted amounts.
If construction or rehab funds are still available after the project has been fully completed, those funds will be disbursed to you, provided that the loan is not in default.