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. Contact the Specialized Deposit Group at SDG@hinghamsavings.com or 781-783-1800 to set up a construction disbursement checking account.
How do I request a disbursement?
Please direct disbursement requests to Janice Spiess at [email protected]. For the first construction draw, you may need to submit and have approved the following prior to the release of funds: evidence of appropriate insurance, full permits, plans & specifications paperwork, and the foundation as-built plan, as required by the nature of your project.
How does the disbursement process work?
After you have submitted a disbursement request, an inspector will go to the property. Hingham disburses funds on a work-completed and in-place basis only. The Bank will consider disbursements for materials and deposits, but you should be prepared to fund that work in advance. Hingham will disburse funds based on the inspector’s report and the project budget submitted at the start of the project.
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 as you determine they are needed. The cost per inspection is currently $300.
How do I access my draw once the request has been approved?
You will designate a checking account at a Hingham Institution for Savings for the deposit of disbursed funds. Once the funds have been deposited, 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].