Access funds for your renovation with Boomerang is simple. Update your budget spreadsheet, send photos of the work and receipts, and the approved funds can be in your account by the next business day.
Accessing Renovation Funds with Boomerang
Minimal paperwork, minimal site visits. Our three-step hard money loan draw process makes it easy to access your renovation funds, so you can keep your project moving smoothly through each stage.
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01
Fill Out Your Draw Form
Put the line items from your statement of work into our Excel template and enter the amounts you're claiming. The total at the bottom is the figure you'll request.
You'll follow this same process each time you have a draw request.
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02
Send Your Request and Photos
Send your request to draws@boomerangcapital.com with the total you're claiming and at least 10 photos showing the completed work. We review anything that arrives by 2 p.m. Arizona time the same day.
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03
Receive Your Funds
Your request goes to our approval team for review. They’ll either confirm your draw or let you know if there’s anything missing from your request. Once you’ve received final approval, the money will land in the bank account on file.
What You’ll Need
Most of the info we need is included in your statement of work. But there are one or two documents we’ll require before we release your funds.
Our Excel template, filled in from the line items in your statement of work.
We require you to use the Boomerang-approved Excel spreadsheet when submitting draws ( download template).
- Fill out the Sample Draw Form - download template.
- You can do this by taking your Statement of Work and putting each line item and amount into a row in the form.
- When requesting a draw, use column Draw 1 and enter all the amounts that are being requested for in that single draw. These numbers will appear in red - illustration of what it looks like.
- Fill out all rows in the column related to this draw. The total amount of the draw request will be located in the bottom row titled "TOTAL" under the column Draw 1.
- Email me, Letisha – draws@boomerangcapital.com, with the following:
- The total draw amount requested
- A copy of the completed/revised Draw Form spreadsheet
- Keep copies of all invoices and receipts, in support of each item you have listed on the Draw Form spreadsheet. You don't need to provide them with your draw, unless we request them.
The total from the bottom of your Draw Form, written into your email.
A few things to keep in mind:
- We only reimburse; we don't advance or front fund any materials and/or labor.
- We don't send money directly to contractors. All draw funds are paid to the single account on file.
- Boomerang, at their sole discretion, may require an inspection of the site prior to granting a draw.
- If you're coming out of pocket for some of the rehab, you will need to pay your portion first, before Boomerang will release draw funds from your loan.
At least 10 wide shots of the completed work/installed materials – including clear views of the full room or area where the updates were made.
Note: You may be required to get an inspection done before your draw is approved. This inspection comes at NO COST and can be done simply with your phone and an app we'll ask you to download. Letisha will walk you through the whole process.
Kept on file as backup for every line. You only need to send these if asked.
No Credit Check Needed
We hold a first lien on the property and size every loan to its value, so the asset covers us if a project ever goes sideways. That security is why we don’t need to complete a credit check as part of our hard money loan process.
- We lend a portion of the value: On a $300,000 property, that's typically around $240,000, leaving a cushion between the loan and what the property is worth.
- You sign a personal guarantee: This sits alongside the lien as your commitment to repay, and it's standard on every loan we write.
- First-timers are welcome: With the value there to back the loan, a short track record is no barrier to getting funded.

What Happens After Funding?
Your journey from here depends on the type of loan. But whatever happens, you’ll have the same experienced team in your corner.
- Acquisition loan: Short-term funding holds the property while you line up long-term financing or a sale. When you're ready, pay us off and move onto your next project.
- Fix and flip loan: As you finish each stage of the work, you request a draw and we pay you back for what you've completed.

Meet Your Draws Contact
Letisha Thompson
I enjoy working with Boomerang because of the simplicity of their process and clarity of their communication. The applications and property requirements are simple and there's nothing extra. When I make offers I need to know that my lender is behind me.
Real Estate Investor
I have been dealing with Boomerang for 6 years now and really enjoy the ease of the process. I know that when I submit a property for approval and they say they will lend on it I don't need to worry any further. Their knowledge is deep and I feel like they are there to make sure you succeed.
Real Estate Investor
Draw FAQs
Still have a few questions about draw funds? Perhaps you'll find what you're looking for in these FAQs.
However, you can always go straight to the source and reach out to us at draws@boomerangcapital.com.
No. Since the loan is legally in the name of the borrower, the draw will be sent to your bank account. We can send the funds to a different account under your or your entity’s name, if needed. Please make sure that we have your current account information on file when you do submit your request.
A contractor can initiate a draw when directed, but the borrower will be contacted for review and approval. The borrower will always be kept up to date on the status of the draw.
For our loans, interest is only charged on the money that has been lent out. Therefore, as more money is dispersed in the form of a draw, the interest charged will also go up.
As an example, let’s say there was a loan for $600,000 with a $200,000 holdback for draws and no money has been taken as a draw so far. That would mean only $400,000 has been disbursed so far. For easy math assume the yearly interest rate is 12%.
The monthly interest payment would be $4,000.
There is a trick here. To find the monthly interest rate, take 12% and divide it by 12 for each month. Each month 1% (12%/12=1%) of the funds dispersed is due as interest. Now knock off the last two digits of the dispersed funds and that becomes the interest amount. A loan with $235,700 dispersed has a monthly interest payment of $2,357. A loan of $456,921 has a monthly payment of $4,569.21.
The math is a bit more complex with midmonth draws. Using the example above with the $600,000 loan, let’s say a draw of $100,000 was taken on the 16th of a 30-day month. Now the total funds disbursed is $500,000, not $400,000. The $100,000 increase would mean a $1000 increase in monthly interest for a whole month. Since the draw happened exactly halfway through the month, the interest added to next month’s payment is ½ of $1,000 or $500. The total interest payment now becomes $4,000 + $500 or $4,500.
Yes. Your budget may be adjusted during the life of the loan. But the original approved draw balance must remain the same. You can change its allocation, but not the total amount.
You are limited to one draw submission per week. There is a limit 6 total draws per project, so plan accordingly.
Draw cutoff time is 2:00pm AZ time. This will ensure that, upon approval, funds will be transferred to your account the next business day.
Finance Your Next Fix and Flip
Complete the online form and send over the details of your project to receive your personalized quote.
Have a Few Questions for Our Team?
Call us on the number provided to discuss your project, the draw process, or anything else you’re unsure about.