How do I submit my first draw request?
You will submit your draw request form with all supporting documents such as invoices and/or receipts to draws@easystreetcap.com.
What happens once I submit my draw request?
Easy Street Capital will generate and provide a link to our inspection phone app. This app will be used to take photos of progress at the property. A third-party inspection is available at borrower request or at Easy Street’s discretion.
How long does the process take?
1-2 business days from the time everything is provided to Easy Street.
How many draws can I take?
You can take as many draws as necessary but there is a fee for each draw.
Where can I find the draw request form?
The draw request form is the scope of work completed prior to closing. The scope of work is used to identify what has been completed for each draw. Email draws@easystreetcap.com if you need a copy.
What are the three things I need to request a draw?
1. Filled out Scope of Work and Draw Request Form for the items being requested in this draw.
2. Receipts and invoices for the items being requested in the draw that equal or exceed the draw amount being requested.
3. Other information if applicable- copies of plans, permits and engineering.
Why was my draw request reduced or adjusted?
When your draw request is reduced or adjusted, it is typically because the amount requested does not align with the progress of the construction and the remaining draw balance. Our goal is to ensure that the property is market-ready and that the funds are being allocated appropriately. By adjusting the draw reimbursement, it will allow the remaining draw balance to better support the construction cost remaining. Remember, the remaining draw balance always needs to be sufficient to complete the project. If the remaining work begins to exceed the remaining draw balance, Easy Street will need to pause or reduce draw fundings until alignment is reached.
How is the draw request amount determined?
The draw request amount is determined based on several factors, including the progress of the construction, remaining draw balance, verification of receipts/invoices and the level of completion required for the property to be market ready. Our team at Easy Street Capital carefully evaluates these factors to determine the appropriate amount for your draw request.
Can I dispute a reduced or adjusted draw request?
If you believe that your draw request was inaccurately reduced or adjusted, we encourage you to reach out to our team We understand that there are unique circumstances that need to be taken into consideration. Our experts will review your draw and work with you to try to find an agreeable resolution where possible.
What can I do to ensure that my draw request is approved in full?
To increase the chances of your draw request being approved in full, it is important to closely follow the construction schedule, provide detailed documentation of the progress, and maintain open communication with our team. By demonstrating your commitment to the project and keeping us informed, we can work together to ensure a smooth draw request process.
I don't have invoices from a contractor / I am my own contractor and have a team that does the work. How can I get my draw request approved?
You will need to provide material receipts for the work completed and keep a record of labor amounts paid to each worker. Submit copies of digital payments for labor. Zelle, Venmo, Cashapp, and/or copies of checks.
Apply Today
Take the next step in your investment journey with a trusted, reliable lender that has your best interest in mind. Get in touch or request a quote today.