Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

Check out FilePlace, where user-created forms are available for free.

Don’t buy expensive courses when you can learn everything for free on YouTube.

Feel free to DM me.

Feel free to tag me with a follow up question. 

Maybe Elon's robot will do free repairs, handle collections, touch up paint scratches, plunge toilets, and all the other headaches we deal with in real estate investing. 

Note: Our initial goals are to wholesale to build immediate working capital (targeting $150k) and hold for cash-flow to build 10k/mo FCF (free cash-flow).We have made some cash buyer connections, identified and underwritten potential deals on hundreds of current deals, and developed professional relationships in our target community (cleaning, construction, governmental). 

You also get free credits on sign up to try them out.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

With 4 years in container conversions, we're transforming shipping containers into modern, efficient tiny homes and small homes.Currently working on a small, 10 home, senior housing development.Expertise: Container home design, sustainable building, alternative housing.Looking to: Connect with investors interested in container homes, share knowledge about factory construction, and learn from the BP community.Feel free to reach out if you're interested in container homes or factory building practices!"