Initial Business Response /* (1000, 18, 2015/09/14) */
Dear Revdex.com,
The Complaint filed by [redacted] ("Contractor") is without support. As a vendor to the Lender on this construction project, Granite Loan Management ("Granite")followed standard Lender fund control procedures when processing...
the draw request. The subject draw request was received on 7/21/2015, processed and submitted to the Lender with funding recommendations on 07/28/2015. Based on Lender guidelines, the draw request was reduced from the original requested amount of $93,622.25 to $52,931.11 based on: (1) the Contractor failing to provide proper supporting documentation for the requested amount; (2) variance found in amount of work completed as reflected in the inspection report; and (3) Lender guidelines not allowing funding of deposits for materials. Granite consulted with the Lender and the Lender approved funding the $52,931.11 amount to the Contractor.
Initial Business Response /* (1000, 18, 2015/09/14) */
Dear Revdex.com,
The Complaint filed by [redacted] ("Contractor") is without support. As a vendor to the Lender on this construction project, Granite Loan Management ("Granite")followed standard Lender fund control procedures when processing...
the draw request. The subject draw request was received on 7/21/2015, processed and submitted to the Lender with funding recommendations on 07/28/2015. Based on Lender guidelines, the draw request was reduced from the original requested amount of $93,622.25 to $52,931.11 based on: (1) the Contractor failing to provide proper supporting documentation for the requested amount; (2) variance found in amount of work completed as reflected in the inspection report; and (3) Lender guidelines not allowing funding of deposits for materials. Granite consulted with the Lender and the Lender approved funding the $52,931.11 amount to the Contractor.