Credit history is a component of our assessment, but we primarily concentrate on the viability and profitability of the construction project.

Experience is a valued factor, yet we evaluate each application on a spectrum of criteria, including the project’s intrinsic merits.

We are committed to swiftly processing your initial draw request which can be submitted any time after your loan has closed through our client portal

Upon the completion of work specified in the draw schedule, an online draw request is submitted via the Borrower’s Portal. The draw request identifies each item of completed work for which you’re requesting payment. An on-site inspection of your property is then scheduled, during which an inspector will confirm the accuracy of the draw request and validate that the amount of work completed matches the requested draw payment.

Rather than set a maximum number of draws, we have a minimum draw amount that will be based on your loan amount. We do not collect anything in advance for draw related fees

Several factors determine the time needed to process a construction draw (such as access to the property, the accuracy of the draw request, etc.); however,provided that there are no issues, most draws are paid within three to five business days.

If the inspector notes any issues with the draw request, such as work not fully completed or work not completed in a satisfactory manner, the amount of the draw request will be reduced to match the amount of work actually complete. In such event, the uncompleted work may be included in a future draw request upon completion.

Construction draws may be submitted for completed work only, and you may not draw from your construction or rehab loan to pay upfront deposits to contractors. As the property owner, you are responsible for the payment of any deposits required by contractors prior to the completion of work.

As the property owner, cost increases (whether due to overruns or changes in the scope of work) are solely your responsibility. Stepup Capital is responsible for disbursing only the amounts budgeted for each item in the Draw Schedule. If specific items end up costing more, you are responsible for any difference between the actual and budgeted costs. Additionally, at each draw request, remaining undisbursed construction budget will be validated to ensure it is sufficient to complete the project to the original scope of work. If the remaining budget is deemed to be insufficient due to cost overruns or other reasons, you may be required to pay a portion of the construction costs in order to bring the project back into balance with the construction loan.

Construction draws are paid directly to the borrower, though in some cases they can be made directly to contractors. In all cases, prior to releasing subsequent draws, evidence must be obtained (in the form of lien releases, etc.) that all amounts from prior draws have been appropriately paid to all contractors and vendors.

If construction or rehab funds are still available after the project has been fully completed, those funds will be disbursed to you, provided that the loan is not in default.

New construction loans require a licensed contractor. For Fix and Flip loans it will depend on the scope of work. If the renovations are minor, no building permits are needed, and you have documented experience with prior projects, the use of a licensed general contractor may not be required.