The Need for Speed in Private Lending: Fast Draws and Digital Inspections Keep Projects on Schedule

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Now, more than ever, speed matters in fix and flip and new construction investing. But it isn’t just the speed of loan approval that can positively – or negatively – impact a real estate entrepreneur’s bottom line. A slow or cumbersome draw process, or worse, waiting on an inspection appointment before draw funds can be approved and wired, can stop progress in its tracks.

That’s why Anchor has made it a priority to offer a quick and easy draw process that ensures projects stay on the fast track since, as we all know, time is money—and getting your money shouldn’t cost you too much time. Anchor's draw request approvals are typically turned around in three to five days, and to shorten that window even more, we've added the option of  a digital inspection using Truepic technology. Once approved, in most cases draw funds can be wired within 24 hours. Truepic is a mobile self-inspection app that lets you provide smartphone photos and video for a fast, seamless and painless inspection. The Truepic inspection option not only helps speed up approvals, it reduces the frustration and the uncertainty of waiting on a physical inspection.

“We know that the draw process can be a real pain point for builders so we’ve developed a system that is easy to use, takes advantage of digital technology, and gets their money to them faster,” said Jim Fraser, Anchor's COO. “Our goal is to ensure our customers don’t have to think about the financial aspect of their project because they know we have that taken care of, but instead, they can focus on keeping their project on schedule.”

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