Yes! Waivers are for the borrower and your protection. They indicate to us that the subcontractors have been paid.
Submit to our office an updated Sworn Statement which properly discloses all subcontractors and the amount you wish to draw. The Sworn Statement must be signed by the General Contractor and notarized prior to our processing. Additionally, any waivers that were not provided from the prior draw will need to be presented at this time.
Generally, draw checks are issued to the borrower AND the builder. This assures the borrower that the work is complete and approves the draw request. Some lenders may also have specific requirements to honor.
We understand construction prices do change frequently. However, if you are increasing amounts, you will need to contact the Lender for approval. Their loan approval was based on the initial Sworn Statement.
Generally, about three to five business days. This will depend on the accuracy of the information provided. We also have to perform an updated title search at this time.