Can I make changes to my construction budget after closing?

No—once your loan is originated, the approved budget is final and cannot be altered or redistributed. If your budget is over $150K, we recommend allocating 5-10% toward a contingency line for unexpected costs.

For more information, please refer to your Construction Draw Guidelines included with your WCP borrower documents.

Why is there a fee for construction draw requests?

The draw fee covers the cost of the inspection as well as the wire fee associated with your draw disbursement. This amount, typically $300, is netted from your draw wire before being disbursed. Repeat WCP borrowers can also use Rewards Points to pay this draw fee, for more information please visit: Rewards Program

What is the process for requesting construction draws?

When your project is ready for a draw inspection, here’s what to do:

• Email draws@wcp.team with:
  • The property address
  • A breakdown of the line items ready for inspection
  • The best phone number for the inspector to reach you and schedule the visit
• We strongly recommend that you meet the inspector on-site to help identify completed work.
• Once the inspection is complete, you’ll receive a copy of the report. (Note: We typically can’t make changes to the report after it’s finalized.)
• After you review and accept the report, the draw request will be submitted to our loan committee for approval.
• Once approved, you’ll receive a lien release for e-signature, and the draw funds will be wired to your bank account on file.

How long does it take to get a construction draw?

Draws are typically disbursed within 3–4 business days from the inspection report. You can speed things up by:

• Being on the lookout for calls/messages from the inspector for scheduling
• Providing any supplemental documentation requested by the Draws team
• Reviewing and accepting inspection report results when received
• Completing the lien waiver when received