Loans go into conditional approval, pending the borrower’s acceptance of Groundfloor terms and conditions.

At the closing table, Groundfloor will provide the initial disbursement of funds. Once the property has been purchased and the project begins, borrowers receive loan payments in the form of scheduled draws from a Groundfloor-held escrow account.

Please note that draws are approved based on completed work. For a more detailed explanation of a loan’s lifecycle, please refer to our blog post on the subject.