What Does It Mean?
A Draw Schedule is an itemized schedule of costs required for the completion of a renovation or construction project. Your lender will ask you to complete this schedule prior to closing and it will be used to structure and finalize your loan terms (for this reason, it may not be possible to revise your draw schedule after closing - so prepare it carefully!). Draw schedules may be grouped into phases, but more typically will include detailed line items for each piece of work to be completed (such as flooring, cabinets, appliances, windows, etc.)
How Does It Affect My Hard Money Loan?
After closing, your Draw Schedule will be used to determine how much money will be released to you as work is completed. The amounts released to you will be in accordance with the schedule - even if your costs go up - so it's important to obtain accurate cost estimates prior to closing. Typically, your lender will only release money to you as work is completed (not before!), so an inspection will be performed at each draw to verify the actual amount of work that has been done.
Where Can I Find the Form?
LYNK Capital's draw schedules for both fix and flip and new construction projects can be found here.
Our Lending Experts are Here to Help
Thinking about a new project? Ready to get an approval? We want to make your life easier with our flexible process and knowledgeable staff. Get started with our online pre-approval and you’ll be one step closer to a fast closing.
Get in Touch
Want more information? Have a deal you'd like to discuss? Let us know!
Give us a ring
Mon - Fri, 9:00am - 6:00pm ET
LYNK Capital is a fast-growing hard money lender offering hard money fix and flip loans, rehab and renovation loans, construction loans, and rental property loans. LYNK Capital is a direct private lender that offers lending solutions to real estate investors, contractors, builders, and developers.
Hard Money Fix and Flip Loans
LYNK Capital is your fix and flip lender. We offer hard money fix and flip loans for real estate investors. Fund your rehab or renovation project quickly with competitive interest rates and origination fees. Faster than bank financing with more flexible loan terms. Purchase and refinance options available.
Hard Money Construction Loans
Hard money new construction loans for builders and developers. Fund your new construction project quickly with competitive interest rates and origination fees. Faster than bank financing with more flexible loan terms. Purchase and refinance options available.
Single-family rental loans for real estate investors. Borrow up to 80% of your property value. Finance your investment property quickly and easily.
Where Does LYNK Capital Lend?
LYNK Capital makes hard money fix and flip and construction loans in: Alabama, Connecticut, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Get a hard money loan for your investment property today with our online rate quote and pre-approval.