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A better way to manage construction loans
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Frequently asked questions
First Financial Bank has partnered with Built Technologies, Inc. (“Built”) to provide software that manages your construction draw process with transparency for all parties. Draws should be requested online through the Built platform. If you do not have a login for Built, you will be sent a welcome email when the loan closes.
Builders are typically permitted to make one draw per month.
The typical draw disbursement turnaround time is 3-5 business days.
The Builder is permitted to request a closing draw amount for up to 10% of the total project amount at closing.
Builders may request 7 draws during construction and a final draw upon completion of the project. If additional draws are needed, please notify the Mortgage Loan Officer as soon as possible.
Funds will be sent one of the following ways:
- Directly, crediting a Builder-related First Financial Bank checking account
- Checks made payable to the Borrower and/or the Builder/General Contractor
- Wire transactions to a Builder’s account per the Funding Authorization Form
All inspections are performed by third party inspectors contracted by First Financial Bank.
Funds are disbursed based on completion percentages. Please see “Construction Inspection Report” for percentages used to calculate disbursements.
Change orders must be reviewed and approved, in advance, by First Financial Bank. If change orders exceed the amount of the contract at closing, the Borrower(s) is responsible for overages as the work is completed. Overages may not be left to be paid on the final draw.
See a mortgage loan originator for details. All loans are subject to credit review and approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.