The itemized bid is not just paperwork—it’s the central document that travels through every step of your loan journey:
Because it has such a broad impact, accuracy from day one is critical. If you’re uncertain about the scope or materials, ask your contractor to include a contingency line item—typically 10–15%—to cover surprises like structural damage, electrical upgrades, or plumbing issues behind the walls.
What makes a strong bid?
Example – Paint Category:
Using construction management software like Buildertrend or CoConstruct can make this process more dynamic and easier to update when changes arise—saving everyone time and reducing errors.
Before requesting your first draw, email the draw team at draws@reiprivatemoney.com to verify that your bid and cost breakdown are correct in the system. This step prevents inspection delays and ensures you’re reimbursed for completed work—not just planned tasks.
Use this format when submitting a draw inspection request:
Subject Line: Loan Number – Draw Request
Body:
Inspections are often outsourced to third-party evaluators, so providing clear, detailed information helps them validate your request faster—and gets you paid quicker.
Lien waivers aren’t just formalities—they are legal documents that protect your title from future disputes. They confirm that contractors and subcontractors have been paid for their work and waive their right to file a lien against your property.
Best Practices:
Consider using digital lien waiver platforms (like Levelset or GCPay) for better tracking and automatic error checks.
The most successful investors treat the draw process as a collaborative effort. Staying proactive—checking cost breakdowns early, submitting clear requests, and asking questions—helps avoid delays and build a stronger working relationship with your lending team.
Need more help? Visit the FAQs tab or email us at draws@reiprivatemoney.com for one-on-one support.
Are you ready for your next disbursement of funds? Let’s get the process started. Follow the link below to submit a request, and our team will be in touch shortly.
Building your construction draw schedule is one of the most important parts of keeping your project on track. Not sure where to get starts? No worries! Take a look at our guide to building a draw schedule and access our free template to get started.
