Quick on the Draw?
Updated: May 23
Draws (or more accurately, reimbursements) are a fundamental part the service we provide. We are keenly aware of how important it is that your project is kept moving toward completion. That means having quick access to your funding as you complete work.
Our investors (the source of your funding) are unwilling to release funds without clear evidence of the work completed.
That is why we sometimes have to adjust draws that are submitted without adequate pictures to illustrate the work being reimbursed for. It slows down the processing of draws when the portfolio manager has to contact people to send more or better pictures to support the funding being requested. The way we can be "Quick on the Draw" is if adequate pictures are submitted the first time. For a quick refresher on submitting good draw pictures click here.
*Another item for discussion is the Monday through Friday cut-off time for draws to be submitted. We are finding that many draws are coming in right at the 3:00 PM daily cut-off time. When this is combined with inadequate pictures it can be impossible for us to initiate the transfer to your funding request to the bank before the 5:00 PM cut-off time.
In closing; you can help us be "Quick on the Draw" and get you your money when you need it by submitting your draw request as early in the day as possible and sending good pictures of your work the first time. That way the investor will have no question about what they are paying for.
* PLEASE NOTE: AS OF FEBRUARY 15TH 2023 THE CUT-OFF TIME TO SUBMIT A DRAW FOR NEXT DAY (MONDAY IF SUBMITTED ON FRIDAY) FUNDING IS 12:00PM NOON.