Need help with understanding draws!!!!

[Brendan Henry-Lambert]

How does the draw process/schedule work when borrowing from a private lender (in as much detail as possible)?

Including:

1. After having the property inspected and appraised 

2. Closing on the purchase 

3. Draw scheduling/process (detail)

4. First draw

5. "Junk fees", unknowns, helpful tips/hints

Thanks BP!

Brendan