8203 Willow Place Dr. South, Ste 145

Houston, TX 77070

(713) 680-8100 tel

(832) 201-9242 efax

Information and Procedures Regarding Repair Draws

Thank you for your business we appreciate the opportunity to work with you! Below you will find our repair draw procedures to keep your project moving forward. We guarantee your funds within 2 business days provided you submit the proper paperwork and follow the procedures outlined below or lunch is on us! If you have any questions please give us a call!

To request a repair draw please complete a Repair Draw Request form, available upon request. Draws may be requested Monday-Wednesday only. An inspector will call you to set an appointment to view the property and we recommend that either you or your contractor is on site.

Draws are given for 100% completion of any item on the Schedule of Repairs. No money is given in advance for incomplete work. Client is responsible for their percentage of repair expenses, if applicable.

Repairs are given for the combination of Labor and Materials and can not be given for materials that have not been installed. We only pay on 100% completed work.

Up to 30% of the repair escrow may be held back and not released until 100% of job completion.

In order to be eligible for repair reimbursement, repairs must be competed in compliance with your construction loan agreement.

NO draws will be processed if there are any outstanding interest payments due or if the property taxes/property insurance are not current.

Amount of Draws:

The maximum amount you may draw is the hold back amount on your loan. You may request the total hold back as long as the repairs on the house are 100% completed and the home has been completely cleaned.

Required Documentation: TO RECEIVE REIMBURSEMENT, THE ITEMS LISTED ARE REQUIRED.

v  Repair Draw Request Form - Budget Draw & Draw Cover Sheet

v  Foundation – Noble must approve Foundation Contractor prior to work being started & an Engineering Certificate report may be required as well once work has been completed in order to receive reimbursement; Invoice/Receipt, Warranty & Release of Lien from Contractor will be required after work has been completed (with description of what was done along with a drawing of where the piers were added)

v  Roof – Invoice/Receipt & Warranty/Certification, WPI8 Certificate on properties in the Coastal Counties & a signed Release of Lien by the Contractor

v  HVAC – Invoice/Receipt & Release of Lien signed by the Contractor (It is recommended that the actual unit not be set until the property is sold).

v  Electrical – A receipt from the Electrician is required detailing the work that was done along with a warranty, with the Electrician’s License # and the electricity needs to be on and working (ie: Electrical Panels)

v  Plumbing – Receipt from Contractor showing the work was completed for major plumbing, sewer or septic along with warranty information.

v  Contracts - By contractor if applicable

v  Affidavit of Completion - We can provide this document to you

v  Any other documentation that may be helpful in justifying the amount of the draw.

Turn Around Time: Please confirm Draws Request are received

Provided all of this information has been received draws are processed and funded within 2 business days.

Fees:

These fees are taken from the draw amount. No money up front is required.

$125.00 Per Draw - This fee will include: Processing the draw & Inspector’s Complete Report[1]

$20.00 Per Wire; A check may also be prepared at no additional cost

______

Client Signature

NOBLE WILL NOT RELEASE ANY REPAIR DRAWS FOR SUBSTANDARD QUALITY REPAIRS

[1] In some instances (i.e. location) cost may be higher