Get the lender’s checklist first
The CFPB notes that construction loans commonly advance funds as work progresses. Ask your lender for its actual documentation, inspection, approval, and release requirements; do not assume another project’s process will apply.
Keep a draw-ready project record
- A dated schedule of work or cost categories that matches the agreed budget.
- Amounts previously paid, current requested amount, and remaining balance.
- Invoices, progress records, and evidence requested by the lender.
- Approved changes and their effect on the remaining funding.
- Any required completion or lien-related documents reviewed by the appropriate adviser.
Coordinate timing before a shortfall occurs
Identify who assembles the package, who reviews it, and when funds can be expected after approval. Discuss deposits and stored materials in advance, and track lender questions separately from construction punch items.