Manage Your Reserve
Thank you for closing your construction loan with AIC.
This should be useful in completing your first draw
For AIC loans involving a construction reserve, there is a specific process which must be followed as the funds from that account are disbursed to pay for material and labor costs. The Borrower and the Investor have instructed and authorized AIC to facilitate the orderly disbursement of funds, and to do so, AIC has developed a specific procedure. All Borrowers must follow this procedure. As always, feel free to reach out if you have any questions. We want to make this as streamlined a process as possible for you.
All Construction Reserve Account draw requests MUST include:
1. COMPLETED “AUTHORIZATION FOR RELEASE OF FUNDS” FORM FOR EACH CHECK YOU ARE REQUESTING AIC TO WRITE;
2. COPIES OF ALL RECEIPTS AND/OR INVOICES CORRESPONDING TO THE AMOUNT/S OF THE CHECK/S YOU ARE REQUESTING AIC TO WRITE;
3. YOUR PROJECT’S SPREADSHEET UPDATED TO REFLECT THE LINE ITEMS YOU ARE ASKING AIC TO WRITE CHECKS TO PAY WITH EACH DRAW;
4. WHERE APPLICABLE, EMAIL AIC PHOTOS OF THE WORK COMPLETED WITH THE FUNDS YOU ARE REQUESTING AIC TO REIMBURSE YOU FOR WITH EACH DRAW REQUEST.
AIC may (at AIC’s sole option) accommodate occasional requests for wire transfers or direct deposits of Construction Reserve Account disbursements. There are additional charges ($25 and subject to change without notice) for each such wire or deposit made. Please contact AIC in advance to clear this process.