Project Centerline Draw Management

Draw Requests are to be submitted and due no later than 3pm each Monday, in order for an end of week disbursement. We typically disburse funds on Fridays by 5pm based on inspector findings. 

Please fill out the draw form completely according to the approved budget that Capstone has on file, including access codes, or any important notes. Please attach the required supporting documents with the online draw form, see next line for details.

Draws are to be submitted for completed work only (material deposits and reimbursements are the exception) and it is mandatory to also provide backup documentation at the time of submission. Any draws that do not follow this  draw process must be placed on hold until the request is considered complete.

Please attach paid receipts, check copies (cleared check front & back), invoices, and/or statements that correspond with each line-item request on your draw. Venmo, Cash App, etc. are acceptable forms; however, your project address must be referenced in the correspondence. Quotes are only accepted for material deposits only. There is an option on the draw request link to attach documents. Please be sure to indicate when any part of the draw is specifically for labor and/or materials. Failure to include the supporting documentation at the time of submission will unfortunately cause the draw request to be incomplete or possibly denied until items are received. This can delay disbursement.

Receipts from or payments to Vendors may be required from time to time at Capstone’s discretion. In some cases, Capstone will pay vendor invoices directly. Please see your Construction Loan Agreement for more information.

Capstone will pay a maximum of up to 50% of a line item for any material orders, deposits, etc. The remainder of that line item will be paid based on install of materials/completion and must include all back up documentation of that line item for final payment.

Funds for approved draws will be disbursed based on internal Capstone reviews and/or the inspector’s funding recommendation.

Draw funds may be disbursed in one of the following forms: check by standard mail, wire ($35 wire fee applies), and by ACH (direct deposit). Please note that all ACH transactions could take up to 24 hours to post in your account. A request to complete the wire/ACH form will be sent to you.

Aside from third party inspections, Capstone can request periodic detailed updates from you, the borrower or builder, regarding project status. This is important information we use to update the lenders funding your loan.

You have an option to request a Rush draw, only when a rush is truly warranted, and pre-approved by management. Typically, a borrower should only have one to two rush requests per project. Additional rush fees will apply.

Contingency funds will be released at lender discretion. Contingency percent (%) disbursed shall not exceed the total budget percent (%) disbursed. Backup documentation supporting Contingency request must be provided at the time of draw submission. Please see your construction loan agreement for more details.

Project Management funds will be released at lender discretion. When requesting funds for project management, an invoice will be required at the time of draw submission. Please note that 15% retainage will be withheld upon the start of the project and will be released upon completion of the project.

You may use a standard lien waiver for partial or completed payments to trades. Final unconditional lien waivers may be requested by Capstone at any point.

If your loan is Stage Funded, see next line item for details: Capstone will begin stage funding in increments of $5,000.00 minimum for all incoming draw requests that require stage funding.

• Example #1: If you are requesting $3,000 for a draw, and the construction escrow accounts needs funds in order to fund this draw, we will stage fund $5,000.00.
• Example #2: If you are requesting $29,000 for a draw, and the construction accounts needs funds in order to fund this draw, we will stage fund $30,000.00; and so forth.

Capstone Servicing can no longer change draw requests, per borrower request (line items/disbursement amounts) from what was originally submitted. For any change request to a draw, you must resubmit your draw request with the changes no later than end of business on Monday. These requests, though seemingly small, have a significant negative effect on our draw process from beginning to end, including inspector schedules and inspection reports. In order to maintain efficient disbursement of funds to our borrowers, Capstone kindly requests cooperation with all draw policies.

Please note that most of our communication is through email correspondence.

Please be sure to include the servicing team in any draw request correspondence Ashley@Capstoneservicing.com, Melanie@CapstoneServicing.com and Dorothy@Capstoneservicing.com.

Other items such as liens, late payments, unpaid taxes, business holidays, etc. may also affect disbursements as well as any unknowns that may come up during the duration of the project.

For any questions regarding this process or help at any time, please contact the Capstone Servicing team to set up an appointment. Feel free to give us a call at 512-257-3278 or email us Team@Captsoneservicing.com.