Bank Ready FAQs

Common questions about Bank Ready packets, loan readiness, and AIA forms.

What documents does Bank Ready generate?

Mode A generates an initial loan approval packet. Mode B generates draw request packets including AIA G702/G703 forms, lien waiver status, budget summary, and supporting documentation.

What is a loan readiness score?

A 100-point score across 6 categories that shows how prepared you are for bank approval. Higher score = better chance of loan approval and faster processing.

Do all banks accept OwnerDraw packets?

OwnerDraw generates industry-standard documentation (AIA forms, standard lien waivers). Most banks accept these. Some may have additional institution-specific requirements.

What are AIA G702 and G703 forms?

Industry-standard forms for construction payment applications. G702 is the cover sheet summarizing the draw request. G703 is the detailed breakdown by category with completion percentages.

When should I generate my first draw packet?

After foundation is complete and inspected. This is typically Draw 1, covering 10-20% of your loan amount.