Borrowers not using the Quick Draw process, or that desire an additional disbursement of funds outside of their normal Quick Draw cycle may submit a Traditional Draw request at any time. While the process differs, the requirements of proof of progress and/or payment remain the same. Because of the additional steps involved in a Traditional Draw, this process typically takes 4-5 business days to complete.
A Traditional Draw begins when the Borrower logs into the Borrower Portal and submits a request for funds against each budget line-item they want reimbursement for. They must upload invoicing in support of soft costs. If they have any new hard cost requests, this will trigger an order for an inspection by their assigned third-party inspection company.
An inspector will typically arrive on-site within 48 hours to perform their inspection and then upload their results. The inspector will always inspect the full project against the entire budget. Even though a Borrower may have only requested funds against 5 budget line-items, the inspector will assess every line-item and assign a completion percentage for anything that shows progress.