Has Anyone used Lending Home for hard money ??

[Lorenzo Harkins]

Hi so I am recently using Lending Home for the first time on a flip i just purchased and they will be funding 100% of the rehab cost. However they have something called a draw for the funds that go towards renovations. I was a little confused by the term so i hoping someone can shed some light on what that exactly means and how it is use. Any help or advice is greatly appreciated.

[Jason D.]

@Lorenzo Harkins very common for hard money loans. It means they pay you for rehab after the work is inspected. You'll have to pay up front and be reimbursed after they inspect.

I do it in 3rds. I do about a third of the rehab, have the inspection, get reimbursed to continue on to the next third