First-time flipper questions about Jumpstart Philly Program

[Diana Palavra]

Hello everyone,

I am planning my first fix-and-flip in Philly and I am thinking about using Jumpstart Philly program for our financing (Hard Money lending). I want to make sure I fully understand how they release the money so I can pay my contractor on time and avoid delays.

If you have used them recently, could you help me understand a few basics and tell me a little bit about your experience with them.

1. Speed: After the inspector checks the house, how many days does it usually take for the money to hit your bank account?
2. Partial work: Do they only give you money if a specific job is 100% finished? Or will they give you partial money if a job is only half done?
3. Fees: How much do they charge every time they send an inspector out?
4. The End: Do they hold back a chunk of the money at the very end of the project?

I really appreciate any advice or personal experiences you can share to help a beginner out!

Thanks