Blue Vikings Capital
Draw Request Guidelines
Let's get flipping!
Congrats on your closing! Blue Vikings Capital looks forward to serving you during the rehab phase of your project. To ensure you have all the tools necessary to submit draw requests, we’ve created these guidelines for you. Feel free to bookmark this webpage for future reference or reach out to us with any questions at draws@bluevikingscapital.com.
Follow the steps to request a draw and see our best practices below. Happy flipping!
Steps to Request a Draw
1.
UPDATE THE DRAW TRACKER
One or more line items in your scope of work must be fully or partially completed to make a draw request. See the Required Documents & Tools section below for our draw requirements.
2.
MAKE THE DRAW REQUEST
See the Making a Request section below for how to initiate a draw request. Our team is available at draws@bluevikingscapital.com during normal business hours to review draw requests.
3.
SUBMIT PHOTOS & VIDEOS
When you are ready for a draw, upload a copy of the Draw Tracker spreadsheet to your borrower portal, along with photos documenting your completed work. Download and follow the instructions below. Then send us a email at Draws@BlueVikingsCapital.com.
Required Documents & Tools
Draw Tracker
A tool to track your scope of work and rehab draws efficiently.
Making a Request:
To request a draw for completed work, please send an email to draws@bluevikingscapital.com.
Subject Line
Include the property address, your entity name, the draw number, and the total dollar amount requested.
Example: Charleston Home Buyers LLC – 123 Main St Charleston SC – Draw #2 – $10,000
Attachments
Attach the Blue Vikings Capital Draw Tracker and ensure the file is up to date. Learn more about the Blue Vikings Capital draw requirements.
If the provided documentation does not support the completed work stated in your email, you may be asked to submit additional documentation.
Virtual Inspection
Once the email request is received, our team will send you a link to download and start the virtual inspection through the Truepic Vision app on your phone. Follow the prompts to take video and photo documentation of the work completed directly in the app. Message our draws team directly in the app or via text if you have any questions about the process. (See below for screenshots of this process.) Click here to learn more about the Truepic Vision app.
If the video and photo documentation does not support the completed work stated in your draw tracker, you may be asked to submit additional documentation. Please ensure the videos and photos capture ALL of the work completed. When in doubt, take more videos and photos.
Approval
Please allow a minimum of 1 business day from time of draw request for review. Once the draw has been approved, you will receive a confirmation email and can expect to receive funds within 1-2 business days. Your funds will be submitted to the account on file in accordance with the ACH Form signed prior to closing.
Please provide your name and phone number if these are not included in your email signature. In most cases the reviewer will contact you with any questions or requests via email.
NOTE: The first four (4) draws are FREE. Any additional draws are $100 each. All draw fees are deducted from draw proceeds.
*All fix and flip loan term sheets outline the draw fees for your specific loan (if different from the above).