How and when are the construction draw funds released?
Construction funds are released on a weekly draw basis. The investor submits a draw request through our website by 5PM each Tuesday and the properties are then inspected by an EDC territory director to approve the draw requests. Upon a positive inspection, a deposit is made directly into your checking account every Friday. Therefore, there is no delay in receiving construction funds from EDC. Please note that if any permits are required on your property, EDC will require copies of final inspection certificates to be faxed to our office prior to receiving a final construction draw for that certain construction category.
Related Questions
- I currently have a construction loan in process and I have submitted a draw request, or am about to submit a draw request. What is going to happen to my request?
- When did the grant term begin? Did it begin when we received notification, when we began to draw down funds, or when the revised budget was approved?
- How and when are the construction funds released?
