What to Expect on Your First Draw Request: A Step-by-Step Walkthrough
If you've never done a hard money deal before, the draw request process can feel like the most mysterious part of the whole thing. You've closed, you're mid-renovation, and now you need to get reimbursed for what you've spent — but how, exactly?
Here's exactly what to expect, step by step.
What a Draw Request Actually Is
When RHM funds your repair budget, we don't hand you the full amount up front. Instead, you complete work, submit documentation, and we reimburse you (or advance a portion, depending on your borrower tier) in stages called draws. It protects the project, the lender, and — just as importantly — you, by keeping the loan tied to actual progress.
The 3-Step RHM Draw Process
- Log your expenses in your RHM Loan Tracker.
- Upload your documentation to your shared folder:
- Receipts or invoices for any expense over $2,500
- Lien waivers for all contractor and labor expenses
- Photos or videos of the completed work — required for every draw
- Submit your Draw Request Form.
That's it. No phone tag, no guessing what's needed — it's the same three steps every time.
Our Draw Processing Schedule
Our submission portal is open around the clock, so you can submit whenever you finish a phase of work. But to land in a given processing run, your request needs to be in by 11:00 AM CST on a Tuesday or Thursday — those are the only two days we process and pay draws each week. Anything submitted after the cutoff automatically rolls to the next scheduled day.
What Happens If Something's Missing
If your draw request is reviewed and something's incomplete — a missing lien waiver, a receipt that didn't make it into the folder — you'll get an email spelling out exactly what's needed. Your request is then re-reviewed on the next processing day. Draws are only remitted once everything required is present in your shared folder on the day it's reviewed, so incomplete submissions simply move to the next cycle rather than getting denied outright.
3 Tips for a Smooth First Draw
- Upload as you go, not all at once at the end of the phase — it's easier to catch a missing item early.
- Get your lien waivers signed the same day contractors are paid, before the paperwork trail goes cold.
- Photograph everything, even work that feels too small to document — every draw requires visual proof of completed work, no exceptions.
Questions About Lien Waivers?
If you're not sure what a proper lien waiver needs to include, our strategic partner Zimmer & Rens can walk you through it.
Ready for Your First Deal?
Understanding the draw process before you close means one less surprise mid-renovation. If you're getting ready to submit your first loan application, our team is happy to walk you through what to expect. Get pre-approved today!
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