How To Request a Draw
- Please fill out our Online Draw Request Form – available here.
- Ensure you note how the inspector can gain access to the property.
- If this is a final inspection, please note this under the description section.
- Typical Draw Fee is $120 for single family up to 2 doors.
Typically it takes 2-4 business days to receive draw reimbursement funds. Once we have the inspection report back from the inspector, we will deposit the money into your account via ACH.
If you have any questions don’t hesitate to call us at 214-420-7330 or email at [email protected].
How The Draw Process Works
Only AFTER the property has closed AND funded, should rehab work begin...
Step 1: It’s the borrower’s responsibility to pay contractors directly if they require funds up front to begin rehab.
Step 2: The borrower is ready to be reimbursed for completed work and submits the Draw Request Form - available here - to the lender. Please provide property access info (i.e. lock box code) and a working phone number so the inspector can call you.
Step 3: The inspector calls the borrower to confirm a time and date of the inspection. They must have interior access as well.
Step 4: The inspector performs an inspection to verify that the items requested on the Draw Request Form have been completed. The inspection report is sent to the lender for approval.
Step 5: The lender compares what was requested on the Draw Request with what was performed at the property. Escrow funds are electronically released from the lender to the borrower.
Turnaround time is typically 2-4 business days from the Draw request to the borrower’s receipt of the funds.
Inspection Fees: Inspection fees are $125 for single family properties up to 2 doors, but fee increases based on 3 plus doors and varies by market. The inspection fee will be deducted from the escrow rehab account. The borrower can request as many or as few inspections as needed.
NOTE: Longhorn Investments does not release funds for work that has not been performed, including the start of rehab.
If you have any questions don’t hesitate to call us at 214-420-7330 or email us at [email protected].