How do I submit a draw request?
Borrowers should log into their member account on our website and click ‘Draw Request/Inspection’. Inspections are scheduled after making a draw request.
What happens after I submit a draw request?
Once the request is submitted, a NavCap team member will contact the borrower—usually within 48 hours—to schedule an inspection to review the work and approve the draw. Depending on your project, you may be eligible to submit a virtual inspection. Please note that in certain instances we require inspection in-person, and we may follow-up a virtual inspection with an in-person inspection. NavCap will release a full or partial draw depending on the amount of work completed.
When should I schedule my draw request?
Submit your draw request only after the work has been completed as NavCap pays draws in arrears. We will compare your progress against the repair budget specified in the Scope of Work (SOW) approved at your loan’s closing.
NavCap suggests minimizing the overall number of draws requested as there is a $250 charge for each inspection of single-family units and up to $1000 for multi-family properties.
What exactly do you cover in a draw request?
We will cover the repairs that are delineated in your approved Scope of Work (SOW). We require you to self-fund repairs and will reimburse you as the work is completed. Unfortunately, we cannot reimburse you for work that is outside of the parameters of the SOW, and we can not reimburse for materials that are not installed. Please note that we do not cover insurance, interest, or other non-repair-related expenditures in your draws.
For all soft cost reimbursements, we require copies of paid invoices. For new construction projects, we require approved permits in addition to the paid invoices. These permits must be issued prior to any reimbursements.
What should I submit when conducting a virtual inspection?
Please only submit pictures. Do not send videos unless specifically requested by NavCap. Make sure to take at least one picture of every item in your draw request and make sure all angles are visible. If necessary, add annotations or comments to specific areas of the property.
Be aware that virtual inspections require photographs of the entire project on each draw request, regardless of the items being requested. For every request, include pictures of all sides of the exterior and multiple pictures of every room including bathrooms, kitchen, and utility areas.
Also, please make sure to activate location services on your mobile device–otherwise your photos will be rejected.
Can I update my Scope Of Work (SOW) after closing?
NavCap allows clients to revise their SOW throughout the course of the renovation or construction. However, the revisions must take place before the next draw is submitted so that NavCap can review and approve any changes to the repair budget reflected on the SOW.
How do I receive a draw request?
Draw funding is disseminated in three ways - via Automated Clearing House (ACH), wire transfer ($30 fee) or check. We suggest the ACH method which is easy and quick (clears in one business day). To set up your ACH account, log in to the Navigator Private Capital website and provide your banking information through the ‘Set Up Draw Request Payment Account’ link. This short video walks you through the process.