For information about the Construction Disbursing process or pricing, please contact us via email at: ltcs@ptitle.com or call the Construction Disbursement Department at (608)756-0300.

The Benefits:

• Land Title keeps an accurate accounting of funds disbursed from the loan.
• Land Title collects Mechanic's Lien waivers throughout the project.
• Land Title charges one flat fee for residential properties, which includes the inspection report, the Construction Lien Endorsement, disbursement processing, and all delivery fees. A single fee means you can accurately budget for all your upcoming projects.
• Borrowers are included in the disbursement agreement, so no one is left out of the loop.

The Process:

• The construction Loan Disbursement process begins when the general contractor submits a Draw Request to Land Title. Land Title can provide a form upon request. However, your form, a computerized form, or an AIA form are all generally acceptable. The Draw Request includes the names and addresses of payees and the amounts to be paid. All invoices to be paid should be attached.
• The contractor presents the Draw Request to the owner and obtains the owner's approval and signature.
• Land Title conducts the Inspections and prepares a Construction Progress Report affirming that the work and materials are in place and estimates the overall percentage of completion.
• Land Title conducts a title search for Construction Liens.
• Land Title forwards to the lender the Draw Request.
• While the draw is pending lender approval, Land Title cuts all checks, obtains W-9 tax identification numbers, prepares the check register, and is ready to disburse as soon as the lender's funds are deposited into Land Title's account. Items of construction interest, overhead and profit, and soft costs can be paid if they are in accord with the lender's policy. The lender and the borrower must both approve these payments in writing.
  
• When the lender approves the draw and funds are received, Land Title mails or delivers the already-prepared checks directly to the contractors, subcontractors, suppliers, and vendors as directed.
  
• Land Title prepares all the necessary lien waivers.
  
• Land Title can furnish a check register from day one to any point in the construction. Land Title can also furnish a register for all payments to any individual payee at any time during or at the end of construction.

Draw Request and Affidavit
Waiver of Lien
Partial Lien Waiver

Links

South Central Wisconsin Builder Association

Land Title is a proud member of the South Central Wisconsin Builders Association