How and when are the construction funds released?
The investor submits a draw request through our website. A LoanSum representative who will approve the draw request will then inspect the property. Upon a positive inspection, a deposit is made directly into your checking account via an electronic funds transfer. Therefore, there is no delay in receiving repair funds from LoanSum. You will be required to submit signed lien releases from all individuals providing labor or materials on the property before any repair funds are released. Please note that if any permits are required on your property, LoanSum 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.
