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 Process/Snapshot:
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
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/disbursementamounts) from what was originally submitted. For example, if you submit a draw requestin 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 longerincrease your request. These requests, though may seem small, have a ripple effect on ourdraw process from beginning to end. These requests also affect the inspector request wemake at the beginning of the week and can affect the overall inspector report. Draws areto 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 drawsthat do not follow our draw process will be placed on hold until the request is consideredcomplete.
Please note that 95% of our communication is through email correspondence.
Please be sure to include the servicing team in any draw communication:
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 requestprocess. 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.
ALL REQUESTS MUST INCLUDE A LINE ITEM NUMBER
PLEASE READ CAREFULLY:
ALL REQUESTS MUST INCLUDE A LINE ITEM NUMBER. All requests must be received in our office no later than 2 pm on Mondays. Funds will be disbursed on approved Draw Request/Inspections after 2pm on Fridays. Inspector will not proceed with inspection on locked or inaccessible properties. Additional Fees or Charges may apply per your signed Construction Escrow Agreement.
**If check is to be made out to someone, other than "Borrower", please indicate on Alternate Payee field listed below.
Borrower certifies that all work on this draw is complete: