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Loan Draw Documentation Process
Future Advance – (Purchase of Fixed Assets, Renovation, Improvements, Equipment)
- < $5K, require a Contractor’s Invoice and a Construction Loan Draw Form
- > or = $5K, require the same as Mechanic Lien
Mechanics Lien- Major construction with General Contractors and Sub-contractors (all Draws require title run up)
- Partial Lien Waiver
- Interim Affidavit
- Contractor’s Invoice
- Construction Loan Draw Form
At completion of project, final loan draw will require a Final Lien Waiver and Final Affidavit.
All of the above referenced forms can be retrieved from website, www.vaumdevco.org, under the loan tab.
If you have any questions regarding the Construction Loan Process, please do not hesitate to contact a member of our staff or loan expert at (804) 521—1151. All construction loan borrowers are required to follow procedures in accordance to the provisions outlined within the Book of Discipline.