Laserfiche WebLink
Construction loans are generally funded on an interim basis by the participating <br />tender until construction is complete. IRF funds are generally disbursed after <br />the following: <br />Compliance with Davis -Bacon requirements is verified <br />Certificate of occupancy is issued <br />Invoices are submitted <br />Update on our title work (insured draw) and/or certified certificate of <br />completion by borrower <br />In the event the IRF provides interim construction financing, then <br />disbursements would generally be made after the following: <br />Compliance with Davis -Bacon requirements is verified <br />Invoices are submitted <br />Update on our title work (insured draw) and/or certified certificate of <br />completion by borrower that confirms construction is being completed in <br />accordance with representations in the application and approximates the <br />percent complete as represented by the invoices <br />0 Requirements for drawing on loans to start-up, high tech firms <br />Generally loan funds for start-up, high tech firms will be disbursed over time as <br />certain milestones are achieved. The milestones will have date specific <br />deadlines attached to them in order to more closely monitor performance. An <br />illustrative listfollows: <br />Review of technical feasibility/performance capabilities of prototype <br />product is completed (if one is required it is reviewed by the IRF Board and <br />any technical experts the Board concludes are needed to assist it with the <br />review) <br />Initial market assessment is completed <br />Product requirements for successful launch in various markets are identified <br />(review by the Board and technical experts again may be required) <br />Examination of the potential for developing ancillary disposable products <br />is completed (thus permitting revenue additional to just selling the product) <br />Completion of a business plan <br />Product launch <br />D. LOAN SERVICING PROCEDURES <br />1. Loan Payment and Collection Procedures <br />Borrowers make payments by check based on an amortization schedule of their loan <br />provided at loan closing. Payments are received by the loan servicing officer and given <br />to the accounting department who then posts them to the computerized servicing <br />program. All payments are then submitted to the IRF Bank Agent for deposit. <br />33 <br />