Once you're ready to request a rehab draw for your project, follow the steps outlined below.
Steps to Request a Rehab Draw:
Log into your Loan Cabinet (HQ)
Go to https://hq.newsilver.com and log in with your credentials.
Select Your Project
Click on the Loans button and choose the specific project for which you want to request a draw.
Initiate a New Draw Request
In the bottom-right corner of the screen, click the "New Draw Request" button.
Enter Bank Information
Provide your bank details to ensure funds are deposited into the correct account.
Please note that the routing number must be for ACH transactions.
Automatic Inspection Scheduling
Once you submit your draw request, you can expect an inspector to reach out to you within two business days to schedule an inspection. In the event this does not happen or if you have any questions, please reach out to our draw team at [email protected].
Rehab Budget
The inspector will have a copy of the rehab budget which was provided and approved at closing. They will use that budget to clear completed items
In the event you need to make any changes or updates to your rehab budget please reach out to our draw team at [email protected] to discuss further.
Important Details to Keep in Mind:
Draws are based on completed work: New Silver issues draws on a reimbursement basis, meaning the draw will only cover work that has already been completed and verified by inspection.
Inspection fees There is an inspection fee for each draw. This fee will be charged and deducted from your draw payment.
Frequently Asked Questions:
Q: What happens if the inspection report does not accurately account for the work that has been completed?
A: If you identify items which have been completed but the inspection report does not clear the work as fully or partially completed, please request a revision request directly through your loan cabinet. Please keep in mind, if you are looking to use any contingency funds for work that went over budget or for any unbudgeted line items, please upload invoices and paid receipts to your revision request to expedite the review and approval process.
Q: Can I request multiple draws for the same project?
A: Yes, you can request multiple draws as the project progresses. Just follow the same process outlined above for each draw request.
Q: How do I check the status of my draw request?
A: You can monitor the status of your draw request directly in your Loan Cabinet (HQ).