Loan Partners specializes in construction finance and utilizes a proven disbursement process to keep funding readily available as work progresses. Unlike new construction projects, renovations to existing structures often include hidden defects that are not uncovered until the construction begins.

One of the most important aspects of a construction project is a precise and realistic line item budget.  An accurate budget helps to keep all parties on the same page and simplifies the draw process.

Start up funds or advances are typically not an option with some lending institutions. Most professional contractors have accounts with vendors that make this a non-issue. However, we understand the benefit of having accessible capital to jump start the renovations and in most cases, are able to offer an advance at the closing to begin construction. This is typically 10% of the entire renovation budget.

From there, onsite inspections are conducted and funds will immediately be disbursed for work that is substantially completed to the property.  Funds will NOT be disbursed for materials that are delivered on site and not installed or attached to the building. For example, sheetrock delivered to the job site will not be funded. The sheetrock must be installed in order to receive credit.  Completion percentages will be assigned so that work in progress can be properly funded.  For work substantially complete, disbursements are typically issued within 48 hours from request.

For large ticket items that require deposits to order materials (windows, cabinets, etc) deposit checks can be made payable directly to the vendors with invoices or proper documentation.