A large home improvement project is rarely a straight line from start to finish. Instead, it’s a carefully choreographed sequence of activities. Each step may require significant resources, including materials and specialized subcontractors. As a result, it may be necessary to require multiple billing points, called milestone payments. In the GreenSky® Loan Program this is called “MultiDraw”.
Embarking on a large home improvement project can present unique complexities to the project and how it gets funded. A critical element that can make or break the success of a substantial renovation is the structure of billing and payments. Requiring multiple billing points for large home improvement projects can protect all parties involved while fostering a smoother process from start to finish.
MultiDraw in the GreenSky® Loan Program
If you are using financing through the GreenSky® Loan Program, you can easily create a customized funding schedule to reflect the contract milestone schedule you have established with your Customer. Then, as each milestone is reached, you simply submit transactions for your Customer to review and authorize. Once the transaction is approved, you receive funding quickly.
Why Multiple Billing Points Matter
Traditional home improvement contracts sometimes favor a single, up-front payment or a simple half-up, half-on-completion structure. While this can work for smaller projects, it’s often inadequate and risky for larger, multi-phase renovations that can span months or years.
For instance, for a large remodeling project you might schedule payments at:
Project kickoff or after permits are secured
Completion of demolition or site preparation
After rough-in plumbing and electrical are signed off
Following framing inspection
Once drywall is up and finished
At installation of cabinetry or fixtures
Final walkthrough and punch list completion
By creating a “MultiDraw” template, each party knows what is expected before the next payment is due, which fosters open communication and transparency. If delays or issues arise, they can be addressed before the next billing point is reached.
In addition, each billing point offers the opportunity to assess the status of the project: What has been accomplished so far? Are we moving in the right direction? Is additional work or a change order justified? This regular cadence of review and payment keeps everyone involved and accountable, reducing the likelihood of disputes.
Cash Flow Benefits for Your Business and Your Customers
Multiple billing points help ensure that your company is not forced to finance the entire project. Each milestone met and payment received helps offset your investment in labor and materials.
Milestone payments can also help homeowners manage their budgets. The pre-defined funding schedule enables them to phase their financial commitment to align with clearly defined project milestones.
Win-Win for Your Customers and Your Business
Requiring multiple billing points is more than a financial strategy—it’s a framework for transparency, accountability, and collaboration. It increases trust, aligns expectations, and protects both homeowners and contractors from unnecessary risk. With clear communications, well-defined milestones, and multiple payment options, even the most ambitious home improvement projects can progress smoothly, delivering results that you and your Customer can celebrate.