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Paying for tools?


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Bill's Forum Posts: 64
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By Bill in Callahan, FL on 2/11/2006


As I will be doing a lot of the trades myself, I will need to buy specialized tools for some of the work, (i.e. crimper's for PEX tubing)  Can these tools be paid for out of the construction loan if they were budgeted into, say, the plumbing budget?

 

Bill


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By Michael in Cave Creek, AZ on 2/11/2006


When you are ready for a draw you call your bank and fill out a draw request form.  The bank will send out an inspector, who will indicate what percent complete each trade is.  Hopefully your estimate and the bank's matches. The bank will pay out loan draws on their inspector's opinion of percent complete.

Most banks will advance up to half of the cost of a line item if you can provide a receipt for material that has been ordered/delivered.  Nobody scrutinizes these receipts closely. Just buy the tools you need and do the work. Your draws should be plenty to fund a few reasonable tools. If you need the money in advance to buy the tools (or materials), this is a good use for credit cards. If you manage your credit cards correctly, you can get 30 days of free float and maybe a few airlines miles or a few points of cash back.

For items that you won't be using over and over consider renting.


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