draws on rehab money

Hey all,

Has anyone dealt with a draw before? I’m working on my first property and using a construction loan that will include the purchase price and the rehab costs rolled into one. In order for me to draw funds do I have to bring them docs before I can use the money? Just bring them a bill and they give me that amount? I’m sure I will find out how to use but the curiousity was getting the best of me.

Nate-WI

Banks I have dealt with gave 6% for the architect, and permits to start. After that they come out and take pictures and disperse an amount equal to the work you have done.