While the construction process is ongoing, you would need to manage your build and repayments on the loan. While the construction process is ongoing, you would need to manage your build and repayments on the loan.
Provide authorization to pay the builder by writing ‘I authorize payment of this invoice’, your name, and date on the invoice you received from your builder.
Sign the invoice, as per the method of operation you have chosen for your loan.
In case you have more than one construction loan account open, mention the loan account number from where the invoice should be debited from.
Send the invoice to us, and we will share it with the lender.
Repeat the above steps at every stage of the construction process until the property is complete. Providing authorization gives a confirmation that you agree your builder has successfully completed the particular stage and they should be paid for the same.
