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.
The initial 10% draw is disbursed to the contractor at the time the loan closes. This is intended to help get the project started. All funds thereafter will be paid directly to contractors for completed work.
DHM suggests that each borrower takes 4 Rehab Draws, broken into 25% increments for completed work. Once 25% of your rehab project is completed, the following steps should be completed by the borrower.
- Submit contractor’s invoices and/or receipts for each contractor who has completed work on the project. (These invoices will be compared to the original bid provided to DHM prior to closing, so it is important that the invoices/receipts closely match the line items on the original bids)
- A lien release will be emailed to you. Each contractor must complete a lien release for the amount of the invoice they are submitting. The lien release should be emailed to firstname.lastname@example.org or completed through our Echosign link.
- Each contractor will need to complete an ACH/Direct Deposit form, indicating which account they would like funds to be disbursed to.
- Complete the fields below, including a brief description of the completed work, the amount of the draw, and access instructions to the property.
Once the draw request is received by our Servicing department, you may be contacted if additional information is needed. A 3rd party inspection will be ordered to verify that the work has been completed. This process can take 3-5 business days.
Once the inspection is returned and the draw is approved internally, funds will be disbursed within 1-2 business days. The total draw process can take 5-10 business days. Please plan accordingly.
For questions, please call our servicind department at 801-692-2158.
**Please note that borrowers will not receive any funds directly unless they have purchased materials for the project, and the materials are 100% installed. Reimbursement for labor performed by the borrower will not be given. All contractors, laborers, suppliers, etc., must be paid directly by DHM.
**DHM recommends a total of 4 draws be taken throughout the rehab process. However, borrowers may choose to take as many draws as required until the project is completed. After the first 4 draws, there is a $150 draw fee for a draw that is taken out of your escrowed rehab funds.