203k Loan Draw Request for GC’s

[Michael Washington]

I am looking at a possible 203k opportunity as a GC. For GC’s out there, what has been your experience with getting timely draws? What is the average turn-around time between draw submission and actual payment? Any pointers/ lessons learned?

I have a potential client who wants me to do a total rehab of their residence but I have heard horror stories in that payment takes a while and contractors end up being over leveraged or needing to stop work due to slow payments.

Thanks!