‘‘How to choose a builder"

Q To whom are draw payments made and what if I
run out of money?

K Hinds

A Draw payments are made typically one of two ways.
They may be made payable to both you and your builder or just
your builder. The advantages of having them payable only to your
builder are that your builder receives his funds more quickly. There is no
need to obtain two signatures to cash the check. The disadvantage of
this plan is that the draw check is useful in ensuring performance of
your builder. Some people prefer to control the draw process. Make sure
you find a lender that can offer both alternatives. And your second
point, you would not have been the first person to have this problem.
Good planning can be a tremendous help early on. Anticipate cost
overruns and consider borrowing more than you may need.