Posted by Ryan Steele on June 06, 2004 at 23:21:22:
It all depends on the lender you use. Typically most programs place the repair money into an escrow account and you show the receipts/invoices for the work and the money is then released from the account.
Most rehabbers simply charge their items on a Home Depot card, show the receipt and have the money well in advance of the bill coming in.
One guy I know just took his wife on a nice vacation with all the miles he got from his Rehab charges that he was reimbursed for. So not only did he make profits on his rehabs, he got a free trip thanks to the miles!