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  1. 05-17-2007, 12:11 PM #1
    Traume
    Traume is offline Fixer Upper
    Join Date
    May 2007
    Posts
    17

    Default Construction Draws

    Is it standard practice for the lender of a construction loan to give out the draws straight to the contractor?

    I, the home owner, have run into problems with accountability of the lender and contractor with these matters.

    Any laws (in Tennessee) to protect a home buyer?

    Thanks.
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  2. 06-21-2007, 10:50 AM #2
    RealEstatePromos
    RealEstatePromos is offline Fixer Upper
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    May 2007
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    Santa Fe Springs, CA
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    46

    Default

    Yes they will do that some times. Espcecially with an inexperienced developer. What they do is trade lien releases for checks. The bank sometimes with do check with the developers and the contractors names on it. That way the developer has to sign off on them, but the bank is assured the right people are getting the money.
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