7/30/2023 0 Comments Loan drawdown processDepending on your contract, this stage could include levelling the ground, installing plumbing and waterproofing the foundation before pouring the slab and creating the base of your home. The first progress payment will typically cover the costs of building the foundations of your new construction project. The stages of progress payments can vary depending on your construction loan or builders, but typically there are five different stages of progress payments. ![]() This confirms the quality completion of the current works by a licensed and trusted third party like Section 94 to the owner and lender, allowing the lender to release the funding for the next stage of the build. It allows little margin for error as all invoices and receipts must be included within each report to be processed.Īn important part of the construction process is a progress drawdown report that is made after each stage of the build. The different stages for a progress drawdown reportĭrawdown reports provide evidence to the bank that the build is on schedule and better track your expenses across the construction project. By optimising the reports with a qualified quantity surveyor, you can rest assured that your build will be optimised for economic efficiency and your funds will be released from your construction lender as scheduled. ![]() Progress claims and drawdown reports must be submitted to your lender to access funds for materials and labour costs at each construction stage.ĭrawdown reports are prepared by expert quantity surveyors to ensure that every aspect of the build’s plans, budget and schedule are prepared accurately and efficiently. Progress drawdown reports are an integral part of the staggered release of funding as per a construction loan from a bank.
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