Construction funds will be held in escrow and will begin accruing interest at 12.99% from the closing date of the loan. Furthermore:
1. You will need reserves to begin the construction process.
2. At the time of valuation inspection you need an itemized construction budget on hand to review with the HMP valuation specialist.
3. The construction draw will be paid after the work has been completed and inspected by the HMP inspector.
4. Construction draw schedules will be determined by the HMP valuation.