PROCESS

1️⃣  Obtain quotes from a contractor/third party for the work to be completed during your offer.

2️⃣  Work is to be completed after the purchase is finalized, using your own lines of credit/resources.

3️⃣  Improvement funds are held in trust by the solicitor until proof is provided for the completion of the renovations.

4️⃣  Once the work is completed, confirmation is provided depending on lender requirements. This could include paid invoices, receipts, or inspection.

5️⃣  Funds are then released to you by the solicitor.

CONSIDERATIONS

• Less than 20% of purchase price (up to $40,000) can be released as a single advance.
• More than 20% or $40,000 is possible, but is more complex (as-complete value, etc).
• Lender will require quotes of work to be completed for their approval, prior to purchase.
• Any permits or warranties that are required must be applied for and purchased by the borrower.
• In order to receive the reimbursement, improvements must be both 100% completed and as originally outlined. For example, if a client has outlined that they will be improving the flooring and instead choose to renovate the bathroom, this will not result in a successful release of funds.

EXAMPLE