How do I draw money from my construction loan?
Ask your lender how money gets disbursed from your loan amount. Some lenders allow for monthly draws, while others will only authorize a draw after a passed inspection. Inquire about any processes or documentation required to pull money from your construction loan so that you can pay the bills in a timely fashion as they come in.Understanding this process — and ensuring your contractor does, too — can help to avoid delays because of insufficient funds.