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Construction Inspection Process

Requesting a construction disbursement

Sebi Ovesian avatar
Written by Sebi Ovesian
Updated over a week ago

What do I need to get started?

Please work with Janice Spiess ([email protected]) to confirm the final project budget that you submitted to your loan officer has been approved by the Bank. The budget will serve as a disbursement schedule throughout the course of the project. Depending on the complexity of the project, the Bank may require an independent review of the costs by a bank-appointed engineer.

Janice will be your primary contact throughout the project and can answer any questions you may have about the process and to discuss the project. Contact the Specialized Deposit Group at [email protected] or 781-783-1800 to set up a construction disbursement checking account.

How do I request a disbursement?

Please prepare the draw request using the approved disbursement schedule spreadsheet provided to you at loan closing and direct the requests to Janice Spiess at [email protected]. For the first construction draw, you may need to submit for approval evidence of builders risk insurance, copies of demo/building permits, the foundation as-built plan, or any other documentation as required by the nature of your project.

How does the disbursement process work?

After you have submitted a disbursement request, an inspector will do a site visit. The Bank disburses funds on a work-completed and in-place basis only. The Bank will on a case-by-case basis consider disbursements for materials and deposits, but be prepared to fund that work in advance. The Bank will disburse funds based on the inspector’s report and the approved disbursement schedule.

Do I have to wait until a budgeted item is completely finished before requesting and inspection?

No. You may request a partial draw on a budget line item. Your draw will be based on the percent of the work completed within the budgeted line item.

How many inspections are allowed and what is the cost?

You may request inspections at your discretion. The cost per inspection range from $300 to $500 and are funded from the approved draw. The inspection fees for Residential owner-occupied projects are collected at closing and represent seven (7) inspection fees and any additional inspections are at no cost

Title Rundowns:

Prior to the final advance and in those instances when the amount of the draw is 10% or greater of the holdback or $500,000 or greater, the Bank will run the title for a fee of $150 which will be deducted from the advance of proceeds. Residential owner-occupants will not be charged a title rundown fee.

How do I access my draw once the request has been approved?

You will designate a checking account at Hingham Institution for Savings for the transfer of funds. You will receive an automatic notification via email when the funds are available. You can access those funds via checks, wire transfers or debit card. Wire transfers can either be completed in person at one of our branch locations or online with a Wire Transfer Agreement. To establish a Wire Transfer Agreement, please contact our Specialized Deposit Group at 781-783-1800 or [email protected].


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