What is the draw request process for OfferMarket Capital construction loans?

In order to ensure a smooth experience with OfferMarket Capital's construction loan product, please review this overview of best practices for draw processing.

Creating Draw Schedule Budgets (Scope Of Work, "SOW")

• Make sure all line items total correctly – math errors cause underwriting delays!
• All draw schedules/budgets need to be included as an exhibit in appraisals
• Be detailed and specific in line items to avoid confusion or underfunding during inspections. For example: if there is a wall that will not be drywalled because it will be wood or stone, note that in the drywall section so the inspector does not shortchange the drywall budget.

Change Orders: Modifying Draw Schedules

Occasionally, there is need to modify a draw schedule after underwriting approval/closing and before the first draw (borrower had no access to property before closing and had to estimate line items, etc).

• the total construction reserve amount cannot change from the amount of the original budget approved by underwriting
• line items can change slightly
• No front-loading (significant shift of more funds to the beginning phases of the project)
• No decrease in bathroom or kitchen budgets (this can negatively affect the potential ARV)
• No changing of draw schedules after the first draw

Ordering Draw Inspections

• provide draw schedule with a column clearly stating percent complete next to each item being inspected
• inspectors WILL inspect items that are NOT 100% complete
• we do not reimburse for any materials not on site (even with paid receipts)
• we reimburse 50% of line item for materials on site, 100% once they are completely installed

Step-by-step draw process

1. submit draw request to hello@offermarket.us with the address of the property in the subject, and the name, email and phone number of contact person for inspector. Include lock box info if applicable.
2. our draws department will send you an email stating that inspection has been ordered or asking for more info
3. our draws department will send a Docusign with draw fee wiring instructions
4. the inspector will contact you by next business day to schedule inspection
5. the draw inspection report will be submitted within 1 full business day after inspection
6. inspection report is reviewed and wire is sent
7. loan officer gets copy of wire and inspection report the evening the wire is sent

Frequently Asked Questions

How long does the draw process take?

The entire draw process (from submission to wire) takes approximately 5 business days.

What is the fee per draw?

The draw fee is $280. This fee is paid directly to the assigned inspection company.

Is there a per draw limit?

There is no funding limit per draw.

Can I appeal a draw?

Contact the original draw email thread with your specific issues and any supporting documentation and a resolution will be reached ASAP.