DRAW REQUEST

If you have received repair money as part of your DoHardMoney.com loan, please read the following information to familiarize yourself with how the process works and how to receive your rehab funds. Rehab funds are held in escrow post closing and will be disbursed using a four draw system. You must spend 25% of the funds and then submit a draw request (using the form below) along with receipts showing 25% of the total repair work has been completed.

At that time an inspection will be ordered on the property to ensure the work is in fact completed. An independent evaluator will complete the inspection report for internal review by DHM. This report typically takes 3-5 business days. There is a $150 fee for this inspection that will be deducted from the escrow account containing your rehab funds.

Upon receipt and review of this report the percentage of completion based on the entire project is determined. Funds from the escrow account will be disbursed via ACH into your banking account provided to us based on the total percentage of completion per the inspection report.

This process will be repeated up to four draws or until all repair money has been reimbursed from the escrow account, whichever comes first.

IMPORTANT NOTE

In most rehab projects, the expenses are front end loaded which means you may have to spend a higher percentage of funds versus the actual percentage of the total project completion. For example, you may do plumbing and electrical first. This may cost 50% of your total budget but only account for 20% of the total repairs that you are doing.

You may not receive all the funds requested due to this front end loading. Again funds will only be disbursed based on the percentage of the total project as determined by the independent evaluators. After the percentage is established then the amount of disbursement will be determined. These funds will be sent via ACH to your bank.

This process is 2-3 business days. You will then pay the suppliers/contractors directly and obtain lien waiver releases. You will need to forward a copy of the releases to DHM.

REMINDER- You must of spent the money and have the work completed prior to a draw being issued.

First Name: *	Last Name: *

Cell Phone: *	Email: *

Subject Property Address: *	Date: *

Work Completed: *

% of work Completed: *	Draw Request Amount: *
	$
Access to the Property * * I certified that a Realtor/MLS keybox is on the property and no code is required to enter the home Error- Due to the speed and nature of Evaluation process we are unable to call. Please enter the Code for the contractors Key box or Location for the Hidden Key so our evaluators can enter the property directly.	(The maximum draw request is 25% per request if the repair funds where part of the loan. If the repair funds were put in escrow by you then the draws can be up to 33% each request)
Upload PAID Receipt for entire Draw Request

ACCESS INSTRUCITONS

Under penalty of fraud I attest that the funds being request above were only used for this subject property. No funds were use for my personal gain, or for anything other than this subject property

Under penalty of fraud I attest that no funds will be used to pay me for work being completed and all funds were use to pay raw material or labors. I also attest that I am not benifiting in any way from funds being paid.

I athorize the Inspection fee of $150 to be taken out of the escrow account.

I agree to all of the above

Please enter your Date of Birth: *	/ /
Please enter your Signature: *

I do not agree to all of the above

A draw request cannot be processed if you do not agree to all of the above

Name

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Estimated After Repaired Value
$
Estimated Total Repair Costs
$

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