![]() This is the point at which the lender begins marking the time and must begin and complete key tasks such as: It’s this draw request from the contractor that triggers the lender to begin the draw request approval process. The Real Construction Draw Process TimelineĬonstruction Lender Draw Approval Processįrom the lender point of view, the draw request begins once the paperwork has arrived.Draw Disbursement and Contractor Payment.In this blog, we will look at the timelines for the: ![]() Reduce the risk of liens being placed by unpaid contractors or subcontractors on the project.Eliminate project delays and get more projects done on time and on budget.Considering the contractor’s process into your overall timeline will help: What lenders may not realize is the extent of time before and after a draw that adds up to be a part of the entire draw processing time for their contractors. While this is a typical method to measure turn times, it’s actually a limited view of the entire construction draw process. Lenders using a manual draw process report that it takes 5-7 days to turn around a draw request. Do you know the true turn times for your construction draw process? Typically, lenders measure time on draw requests starting and ending with what they can control – from the time the draw request is received to the time the draw is approved.
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