Draw Management

Generally, most draws are processed within 1-4 business days. You can help speed up this process by accurately completing your Draw Request.  This includes your completed work matches the project scope, you submit the required and supporting documents, and you maintain open communication. Effective communication and transparency increase the likelihood of getting your construction funds timely.

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Your Draw Schedule will be based on two draw types:

1.     ADVANCED – Temple View advances construction funds prior to work being completed according to approved the scope of work.

2.     REIMBURSEMENT – Temple View reimburses constructions funds once work from the approved scope of work is fully or partially completed or deposits with proof of payment are provided (i.e., canceled checks, paid receipts, etc.).

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To submit a draw, you will login to our online portal and complete a Draw Request form listing the specific items of work you’ve completed and the associated cost.

Below are tips for completing your draw request and receiving rehab funds quickly:

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1.     Can I ask for more funds than what was approved in my budget?

       - No. You must submit your draw requests per your originally approved budget.

        - If your costs go up, we will only issue draws from your original budget unless you have Contingency funds to cover overages.

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2.     How Can I access my Contingency Funds?

        - Contingency requests require either completed work or proof of paid receipts for materials (requests greater than $5k will require an inspection).

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3.     Can I request a Change Order if my scope changes during construction?

        - Yes. Minor and major modifications to the project scope will be processed and approved or denied at Temple View’s discretion through a “Change Request” in the portal.

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4.     When can I get my Final Draw?

        - The Final Draw is a Reimbursement—project must be complete with an executed lien waiver with the approved General Contractor at loan closing.  

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5.     When do I enter wiring information to receive funds?

        - Wiring account information is entered by at least the primary guarantor in DocuSign after the draw has been reviewed and approved by Temple View.

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6.     When are funds wired into my account?

        - Once the approved DocuSign is complete with all signatures, funds are wired within 1 business day (if received before 1pm EST funds are likely to be released the same day). Our Servicer BSI will call and confirm wiring information before releasing funds.

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7.     Do I need Approved Permits to access my rehab funds?

         - Yes. If your local jurisdiction decides that the scope of work for your project requires a permit, you must send an approved permit with your draw request for review before funds will be released.

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8.     PAYOFF REQUESTS:

Active payoff requests will freeze the release of rehab funds until the payoff is voided by the borrower or expires with our vendor BSI.

BSI Contact Information: 1-888-482-7271

For Payoff Requests: payoffdept@bsifinancial.com

**Please Include your BSI loan number in a ll communications for a quicker response.

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9.     Monthly Mortgage Status

       - Please note all loan payments must be contractually current to move forward on draw requests.

After receiving your Draw Request, we will schedule an inspection of your property. The purpose of this inspection is to obtain photos/video verifying the work has been completed per your project scope/draw request. Often, within 1-3 business days of your Draw Request submission, the inspection will occur either in-person by a 3rd party vendor or remotely through the Truepic App.

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Onsite Inspections

The assigned field agent will contact the Borrower within 1-3 business days to schedule a date and time for the inspection.

Remote Inspections

Temple View will send the Borrower—or a designated project manager—a remote inspection link by text to use the TruePic App for photos and video.

After receiving the inspection photos, Temple View will determine if the work completed meets the requirements to obtain a draw and (i) approve, (ii) request additional information, or (iii) deny the draw. If items you've requested are not complete, the construction management team will review and advise the best course of action on a case-by-case basis.

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Phone: 1-844-675-1900 (option 5)

Email: Drawrequests@templeviewcap.com

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