How do I make draw requests, request payoff letters, and provide project updates online?
Last Updated: Jul 17, 2019 02:12PM EDT
GROUNDFLOOR’s convenient online portal provides a quick and easy way for borrowers to request draws and payoff letters as well as provide project updates.
GROUNDFLOOR disburses payments (referred to as “draws”) on a reimbursement basis. This means that our borrowers must complete each phase of the project prior to being reimbursed for the labor, materials, and other approved costs associated with the statement of work. All draws will be subject to a 3rd party inspection to verify the completed works.
To make a draw request, simply log into your Borrower Account. From your active loan page, select the “Draw Request” tab to complete your draw request online. Make sure to complete all the required fields. Once the draw request has been received, you can log into your account to track the status of the draw. At this time, draw requests are processed on Tuesdays and Thursdays, and the funds become available the following day.
Please note that there is a draw fee of $200.00 per draw request, which is deducted from the gross amount of the draw deemed payable by GROUNDFLOOR.
We can only release official payoffs to a title company/closing attorney or lender. Please have a representative from one of those organizations submit a request to email@example.com. Please be sure to ask them to include a good through date.
Please keep in mind that the first payoff request is free; thereafter, there is a $75.00 charge per request.
If you have a monthly payment loan, please reach out to firstname.lastname@example.org for further instructions on how to request a payoff statement.
To provide updates about your active projects, simply log into your GROUNDFLOOR Borrower Account and update the status of your project directly on your loan page. Select the property address from your “Active Loans” and click on the “Updates” tab to insert your update. GROUNDFLOOR will review the update and publish it for investors once it is approved.
Please note that project updates are required every 30 days. Please feel free to contact us at email@example.com should you have any questions.
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