Rather than rejecting a draw and requiring a new draw submission from the project's General Contractor, lenders have the ability to partially fund a draw request.
1. Log in to your Contract Simply account and click on the 'Draws' tab.
2. Click on the draw that you want to work on.
3. Review the details of the draw request, then click on the blue 'Accept' button near the bottom of the page. You will be prompted to add a comment and your signature to finalize the approval.
4. Once all necessary parties have approved the draw, the option to fund the draw will appear at the bottom of the draw request. Click on the blue "Fund" button.
At this point, you'll be presented with a list of all the invoices included in the draw that you will be paying, to whom, and for what amount.
5. Enter 0% in the 'Fund %' column for the line items that you do not want to pay.
6. Select the bank account that you want to use to fund the draw, agree to the disclaimer statement and click on the blue 'Fund Draw' button.
After you press "Fund Draw," notifications will be sent to the accounts that you are funding, prompting them to sign their lien releases and withdraw their funds. Once the "Fund Draw" button is pressed, interest begins accruing on the funds that have been approved.
Have questions or need a walkthrough of the approval and funding process? Contact us via chat by clicking on the blue circle in the bottom right corner of this page, email us at email@example.com, or give us a call at 1-833-4SIMPLY.