See how do construction loans work and how they differ from a mortgage, from their short terms and draw payouts to their ...

During construction, the builder follows a draw schedule, which dictates the project milestones the builder needs to complete before requesting funds. After the builder reaches each milestone, an ...

Sample draw schedule for a construction mortgage. Draw. Required percentage of completion. Construction state % of total mortgage amount advanced #1. 15%. Excavation and foundation completed. 15% ...

Managing your construction loan Draw schedule and disbursements. When you apply for a construction loan, you'll give the lender your project timeline. The lender gives money to the builder, ...