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THE CONSTRUCTION LOAN PROCESS - PROGRESS PAYMENTS
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Progress Payments
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As each construction phase is completed, the builder
will issue you with an invoice which you must sign and submit to the
lender if you are happy with the works done
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The lender will then pay the builder either by means
of electronic transfer or by cheque,
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As an added service, we normally submit the progress
payment claims on your behalf to allow us monitor the process and assist
with any issues that may arise
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When the final progress payment claim is submitted,
the Lender will carry out a final inspection and valuation of the property
to confirm that the construction has been carried out in accordance with
the contract
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Extra time must be allowed for this final step which
can take up to 10 days
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The final payment is usually made by cheque which is
sent to you to give to the builder when the keys to your new house are
handed over
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