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Construction invoice example Form: What You Should Know

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Video instructions and help with filling out and completing Construction invoice example

Instructions and Help about Construction invoice example

Hey, Doug Feith here with Legacy Capital. I wanted to take a minute and walk you through our construction budget and construction draw process. So, what you see here is our construction draw template that we give to our clients to fill out. This document is used to manage the budget and funding of construction draws for our clients who are doing construction projects. This is an actual property that we funded for a client in Philadelphia, specifically in the Point Breeze section. Now, let's go through column by column and explain everything, so there are no questions when you're filling out the items. In the first section, you need to provide the full address of the property. Then, we have 19 line items here for the description of work. You can fill in the budget for each of these line items. You don't have to use all 19 line items, and you can even change them if necessary. This template is just a guide for your convenience. Moving on to the "Total Budget" column, you need to input the total budget for each line item. In this specific example, our client submitted $1500 for permits, $6400 for flooring, $4000 for painting, $2000 for fixtures, and so on. The total budget at the bottom is $70,500. One thing that's important to note is that sometimes the total number in this spreadsheet may not match the amount we're holding for construction. This could be due to higher construction costs that are not fully covered by the funds. However, when filling out this spreadsheet, it's crucial that the total number equals the amount we are withholding for construction. This is because this document will be used to manage the construction draws. For instance, if the total loan amount is $100,500 and we funded $30,000 at closing, it...