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• About Us  • View Testimonials  • Construction Programs  • Construction rates  • Comparing Options  - Loan offers from different    banks  -Construction cost estimates  -Building new or remodeling    VS buying an existing home  -Being my own contractor   VS using a general contractor  - Get Answers  • Educational Resources  - ABC's of Construction    Financing  - Stick-Frame Home    Information  - Log/Timber-Frame Home    Information  - Modular Home    Information  - Lending Dictionary  - Construction Dictionary  • Bank  - Refer a customer for a    construction loan  - Learn more about    construction loans  - Receive consultation on setting    up our own construction    loan program(s)  - Get added to the Construction     Advisors network of lenders  - Get Answers  • Contact US   What Can I Expect During the Construction Phase? During the course of construction there are a lot of things going on, and they always seem to be happening at the same time. Then there are times where nothing seems to be happening at all and you wonder if things will ever get finished. The important thing to remember is that you chose to work with certain professionals for a reason. Try to never lose faith in the people or companies that you chose to work with to build your home. Expect problems that need quick solutions. Expect adverse weather conditions that slow down work. Expect contractors or sub-contractors to fall behind or not show up to complete work. The more you expect things to go the wrong way the easier it is to deal with these situations when they arise. One of the most important, if not the single most important, concern during the construction phase is the draw schedule. What is a draw schedule? A draw schedule can be viewed as a predetermined schedule of payments that must be made to the contractor during the course of construction. The timing of these payments is usually based on certain "phases" of construction being completed. Who makes the Draw Schedule? Most lenders require that you use one of their predetermined draw schedules. With Construction Advisors , the contractor or owner builder makes their own draw schedule. Construction Advisors even offers programs where you make up the draw schedule as you build the house! How many draws can be used? Construction Advisors allows for an unlimited number of draw payments but a typical draw schedule with most lenders may have 5 predetermined draw payments set up. Therefore, the construction process will be comprised of 5 phases of work in order to complete the home. Let us look at a very generic example below: 1st draw = Foundation complete 2nd draw = Rough framing complete 3rd draw = Home "weather-tight" or "dried-in" meaning that the home's roof and exterior are complete, with doors and windows installed 4th draw = Interior finish work complete 5th draw = Project closeout and final inspection complete How are draws requested? Draw payments are requested by any one of the project manager, contractor, or the homeowner (borrower). NOONE can request a draw payment if they are not listed as one of these primary people involved in the loan. Whether or not lenders allow draws to be requested by phone, internet or mail varies by the lender you choose. Construction Advisors allows you to request draw payments by phone with live representatives to assist you! How are draw payments made? Draw payments are typically made by check. Construction Advisors offers the opportunity to receive draw payments by wire. Either way the payments are not made without the borrower's knowledge and authorization. The checks are dual signature checks, which require both the borrower's signature and the contractor representative. The wire payments require a signed document that is mailed or emailed to the borrower to be signed and then signatures are verified with documentation in file. What are draw inspections? Draw inspections are physical inspections of the construction site. Who performs a draw inspection? A 3rd party certified inspector will typically be requested to perform a draw inspection. Why are draw inspections required? They are required by the lender to verify completion of work for which a draw payment is requested. The lender does not want to pay out money to contractors who have not completed work to avoid danger of contractor non-performance. Experience the Construction Advisors difference today —Contact Us to get started!

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