Fix and Flip Renovation Post-Close Policies and Procedures

This document contains the procedures for post-closing loan administration services for the Fix&FlipRenovation Loan Program.

Welcome Package Process

Land Gorilla will send out a welcome package to the borrower. Sample welcome packages can be viewed within the Clients account CLM > Settings > Doc Builder > Fix&Flip Renovation Welcome Package.

Disbursement Methods of Payment by Client

ACH is the preferable disbursement method, however, Wire and ACH instructions may also be provided to Client to fund draw requests.

Materials Draw Requirement

In circumstances of deposits and prepaid items for custom made items such as cabinets, countertops, doors, windows, and/or custom materials, the CLA may allow the borrower and contractor to receive funds in advance. The approved amount may be up to the full amount of the invoice or 50% of the line item, whichever is lesser, for deposit items.
Land Gorilla will provide the following items for material draws:

1. Executed Draw Request Form by Borrower
2. Executed Hold Harmless and Indemnification Agreement Form 30001
3. Supplier invoice

Interim Draw Deliverables

Land Gorilla will provide the following items for approved draws.

1. Executed Draw Request Form by Borrower
2. Permit(s) (if not previously submitted)
3. Change Orders (If Applicable)
4. Conditional Lien Waiver from Contractor and any parties that provided pre-lien notifications
5. Copy of any State Statute Required Documents
6. New Additions Only
   1. Foundation Survey or Foundation Endorsement (New Additions)

Final Draw requirements

Land Gorilla will provide the following items to clients.

1. Executed Draw Request Form by Borrower
2. Change Orders and Corresponding Invoice (If Applicable)
3. Conditional Lien Waiver from Contractor and any parties that provided pre-lien notifications
4. Borrower’s Letter of Completion
5. Copy of any State Statute Required Documents

Portfolio Renovation File Closeout

Land Gorilla will complete the following tasks upon file closeout.

1. Escrow Close Out Draw Request Form executed by Borrower(s)
   1. Interest Reserve Balances Disbursed
   2. Contingency Reserve Balances Disbursed
   3. Borrower Interest Income Disbursed (Transaction Necessary By Client)
2. Move the loan to the Completed pipeline folder

Cadence of Contact

The following contact cadence will apply on all loans.

1. Login accounts created for borrower
2. Welcome package sent to borrower
3. No Activity
   1. Contact borrower when no activity has taken place within 45 days
   2. Contact client when no response has been received by the borrower after 10 days of attempts.
   3. Contact client when a project stakeholder has dissatisfaction with a process, policy, service, or experience.