The builder was behind on the progress for the fourth draw. One of the main items to be completed for this draw was the exterior finishing. The problem was, with all of the bad weather, the stucco contractor was behind on his jobs and had not started yet. All of the other items for the draw — drywall, windows and doors — were done.
A few weeks ago the builder had asked about a partial payment on the draw. The loan officer sent an inspector. The amount they approved at that time was small, and the builder decided not to pursue it.
Last week he decided to try again. Even though the stucco was not started yet, he had made progress on a number of items for the fifth draw. He sent another draw request with an itemized list of all completed items for both draws.
The loan officer sent the inspector again. Today I got the response: the payment would be about half of the total for the two draws. I passed this along to the builder, who was of course very pleased!