All Forum Posts by: Sean Salandy

@Jeff Rabinowitz Thank you for your response. You gave a lot of good information. I am a borrower and the HML would like to do 4 draws with an inspection before each. I just wasn't sure how detailed the proposed schedule had to be. It might be best if I contact the lender to find out.

What is the best way to create a draw schedule? I've seen some people list 4 or 5 Milestones and give a percentage for each milestone and I've seen others create a milestone and pay the specific dollar amount for each line item within the milestone. For instance,

Draw 1: 10%

Demo, Framing, etc,.

Draw 2: 35%

Drywall, Trim, etc.

Draw 3: 35%

...

Draw 4: 20%

...

or

Draw 1:

Demo - $3000

Framing - $ 3500

Rough-in - $8500

Total: $15,000

Draw 2:

Drywall - $7000

Trim - $1250

Total: $8250

etc.

Note: The dollar amounts are only used as an example.

Thanks.