Renovation Loan and Multiple Contractors

[Jamie Singleton]

Hi everybody!  Currently buying a duplex that needs a full gut and renovation including windows, roof, floors, hvac, plumbing, drywalling, kitchen, and bathrooms.  Expecting total Reno costs to approach $150K.  Past renovations I dealt with one single contractor who managed the project but this projects appears I might have to go with a plumbing, hvac, and and additional contractor.  Anybody have experience how to manage a renovation loan and draws using multiple contractors?  

Ps…my bank likes to pay for work after it’s completed but the contractors are seeking 50% up front.  Anybody have experience bridging that struggle between the bank and the contractors?

[Bruce Woodruff]

Any Contr that demands 50% up front should be avoided. It's a lot of warning signs. Hire a GC and have him run all the Sub contractors.