Draw Request Form

Capstone (Private Funding & Loan Servicing)

507 Denali Pass, Suite 401, Cedar Park, TX 78613

Office 512-257-3278 / E-Fax 512-692-1883
Draw Request Form
Draw Request Process/Snapshot:
- Requests are to be submitted on Mondays before 2pm in order for an end of week
  disbursement, typically on Fridays by 5pm based on inspector findings; please see the
  draw form for specific details. Draw submitted outside of this timeline may be delayed.
- Please complete the draw form completely according to the budget we have on file (see
  attached), including draw request #, access codes, or any important notes through the
  following link: www.capstonedraw.com Please attach necessary documents with the
  online draw form, see next line for details.
- Please attach any documents, receipts, or statements that may need to accompany your
  draw request. There is an option on the Capstone Draw link to attach documents. Failure
  to do so at the time of submission will cause the draw request to be incomplete and
  unprocessed until back up items are received; which may delay disbursement.
- Receipts or payments to Vendor’s may be required from time to time and we may also
  pay vendor’s directly at our discretion; see your Construction Loan Agreement for more
  information.
- We disburse based on the inspector’s funding recommendation after inspection report and
  photos are received and reviewed.
- Draw funds may be disburses in one of the following forms: Check by standard mail,
  wire (wire fees apply), and by ACH (direct deposit). Please note that all ACH
  transactions post within 24 hours/on bank business days.
- If you wish to have your funds wired to you, please provide wiring instructions as soon as
  possible. Please note that there is an additional fee for wiring funds.
- Please keep in mind that if your loan is “staged” funded, we will need to stay in constant
  communication regarding this project in order to receive lender funds in a timely manner.
- Also, please note that aside from inspection, we will request periodic detailed updates
  from you regarding your project; this is important information we send to the lenders who
  are funding your loan.
- You have an option to request a Rush draw, only when a rush is truly warranted.
  Typically, a borrower should only have a couple of rush requests per project. Additional
  rush fees will apply.
- Contingency funds will be released at lender discretion or based on project % to
  completion. Please see Page 4 (k) of the attached construction loan agreement.
- Project Management funds will be released at lender discretion or based on project % to
  completion. An invoice for project management is requested at time of draw submission.
- You may use a standard lien waiver.
- If your loan is Stage Funded , see next line item for details:
- Effective 9.16.19 , Capstone will begin stage funding in increments of $10,000.00
  minimum for all incoming draw requests that require stage funding.
  Example #1: If you are requesting $3,000 or $8,000.00 for a draw, and the
  construction escrow accounts needs funds in order to fund this draw, we will stage
  fund $10,000.00.
  
  Example #2: If you are requesting $29,000 or $41,000.00 for a draw, and the
  construction accounts needs funds in order to fund this draw, we will stage fund
  $50,000.00; and so forth.
- Capstone Servicing will no longer change draw requests (line items/disbursement
  amounts) from what was originally submitted. For example, if you submit a draw request
  in the amount of $10,000.00 on Monday and then ask us to increase it after submission,
  such as add a new line item or increase a line item, Capstone Servicing will no longer
  increase your request. These requests, though may seem small, have a ripple effect on our
  draw process from beginning to end. These requests also affect the inspector request we
  make at the beginning of the week and can affect the overall inspector report. Draws are
  to be submitted for completed work only (deposits and reimbursements are the exception)
  and you must also provide backup documentation at the time of submission. Any draws
  that do not follow our draw process will be placed on hold until the request is considered
  complete.
- Please note that 95% of our communication is through email correspondence.
  
  Please be sure to include the servicing team in any draw communication:
  
  team@capstoneservicing.com
- To view an example of a submitted draw request, click here.
  
  Again, this is just a quick snapshot of some important details to our standard draw request
  process. Other items such as liens, late payments, unpaid taxes, business holidays, etc. may also affect disbursements as well as any unknowns that may come up during the duration of the project.