Your Renovation Loan Process

We’ve perfected our renovation loan process to ensure your experience is simple, stress-free and exciting. From online application through completed renovation, we’ll be by your side at every step.

  1. Application — Our quick and simple online application gathers all the information we need to get you prequalified6 and compare renovation loan options.
  2. Bids & Repair — Once you find a home, you can decide on the type of repairs (required/optional) that will need to be completed so you can start collecting contractor bids.
  3. Appraisal — The property will need to be appraised with all contractor bids submitted to the appraiser to ensure the property is valued appropriately.
  4. Closing — After all documents and bids are submitted, we’ll process your loan and prepare for closing.
  5. Renovation Begins — Work can begin immediately after closing when the loan has funded. We will process all draws to the contractor as renovation work is completed.

Completing Your Renovation

Our goal is to streamline the process and keep everything on track, which is why we work hand-in-hand with the contractor every step along the way.

From Closing Day to Day 1

A welcome email will be sent to both the homebuyer and the contractor within 48 hours of closing. The email will detail the draw process and include the Disbursement Analyst’s contact information.

First Steps of Funding

Renovation work can begin immediately after closing. Our Disbursement Analyst ensures all documents (proof of permits, city requirements, etc.) are prepared and draws can be processed and released.

Communication is Key

Your Disbursement Analyst will remain in contact with the contractor, following up 10 days prior to the estimated completion date of each phase. The contractor will provide the draw documents when their team is ready to proceed with the next step of work.

Inspection of Work

All inspections are handled through a third party company. The inspector will be assigned with the first order and will complete all progress inspections. PrimeLending will then receive and review the inspection report before processing disbursement.


Both the borrower and contractor will complete and submit final draw documents, including a Letter of Completion to the Disbursement Analyst for the final inspection and title.

Are you ready to realize the full potential of your home? We're available to help make it happen.