Rehab Payment FAQ
Please take care to familiarize yourself with the information below before submitting a request for payment. Incorrect or incomplete payment requests often cause delays in processing.
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How long will it take to receive payment?
What qualifies as proof of payment for a reimbursement?
What items are not reimbursable?
What documentation is needed to pay my contractor directly?
What if my rehab project goes over budget?
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How are rehab payments processed?
When you purchase a property with Gorilla Capital, you will have an approved rehab amount. We will create a master PO for the entire rehab project that will be referenced at each payment. Gorilla Capital will not pay for any rehab expenses above the master PO without prior approval and additional deposit. For more information, view What if my rehab project goes over budget?
For each rehab payment request, Gorilla Capital will assess:
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If the costs are in line with the pre-approved rehab plan
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If the amount of rehab completed is in line with the amount of PO spent (i.e. making sure we’re not at 75% of the PO with only 25% of the project completed)
How long will it take to receive payment?
Once Gorilla Capital has received all documentation required for your payment request, you can expect to receive payment within 7 business days. Delays can result from any of the following and will be communicated to you:
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Payment request is incomplete (missing photos of completed work, proof of payment for a reimbursement, etc.)
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Non-reimbursable items are included in a reimbursement request (see What items are not reimbursable? for more information)
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You are have a past due balance on your monthly invoices due to Gorilla Capital
What qualifies as proof of payment for a reimbursement?
Check Payments
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We need to confirm the check has been cashed
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Option 1:
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Image of cleared check (both front and back) from your online bank account
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Option 2:
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Photo of the written check and
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Bank statement showing the check has been cashed
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Card Payments
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Need to see debit/credit card charge information on the itemized receipt or invoice or
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Bank statement showing the amount and vendor matching the corresponding itemized receipt or invoice
Wire Transfers
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Bank confirmation
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Must see corresponding invoice
Cashiers Checks
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While cashiers checks are not recommended, we understand that it is sometimes beneficial to make cash payments. In these instances, a cashiers check is acceptable.
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Must see corresponding invoice
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Please note: an excessive number of payments made via cashiers checks will likely necessitate further review
The following does NOT qualify as proof of payment:
If submitted, additional documentation will be required and likely cause a delay in processing or rejection.
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Cash payments of any kind (if cash payment is required, a cashiers check is an alternative, though not recommended)
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“Paid” invoice with no card information, such as handwritten or stamped “paid”
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Photo of a written check with no proof it has been cashed
What items are not reimbursable?
Receipts are reviewed and non-allowable items will be removed from your reimbursement request. The inclusion of non-allowable items could potentially cause a delay in processing.
NON-REIMBURSABLE ITEMS
Items NOT allowed for reimbursement are typically products, goods, or services that are not transferred with the real property or used in the direct renovation of the property being sold. These would most often be considered personal expenses and may be able to be deducted as a personal or business expense on an individual tax return and not deductible as a “hard cost” for the basis of a property. The list below includes examples of typical items that are NOT reimbursable, however, it is not a complete list of all goods, products, or services.
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Food, drink, gift cards
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Tools, blades, drill bits, sand paper, paintbrushes, spray tips, paint trays, tarps, rollers, etc.
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Cleaning supplies, paper towels, toilet paper, brooms, mops, rags, trash bags
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Fuel, propane, propane tanks
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Staging items, door mats, art, etc.
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Extended warranty plans for tools
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Auto expenses
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Any product, good, or service that is not being transferred with the property or considered real property at the time of transfer
REIMBURSABLE ITEMS
Items allowed to be reimbursed are typically goods, products, and services that are put into a home that are used to upgrade the real property that is being renovated for sale. The products and services used will become real property or consumed in the process of renovation and be transferred with the sale of the property. The list below includes examples of typical items that are reimbursed, however, it is not a complete list of all goods, products, or services.
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Lumber and building materials
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Windows, roofing, siding
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Sheetrock, drywall mud, etc.
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Doors, millwork, and hardware
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Paint and sundries, masking, caulking, etc.
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Cabinets, counters, hardware
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Lighting, electrical, plumbing and fixtures, etc.
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Flooring materials, backer, patch, etc.
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Finish products and hardware, screws, nails
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Landscape and hardscape
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Appliances
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Tool rental specific to the property
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Portable toilet
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Contractor services performed by licensed/insured contractors
If there are any questions on whether or not a particular expense is reimbursable on a property renovation, please contact your Gorilla Capital account manager prior to submitting for reimbursement. As noted, not all items are reimbursable or deductible as a property expense, but may be deductible as a personal or business expense in your business venture. Please contact your tax accountant or CPA for further guidance.
What documentation is needed to pay my contractor directly?
Gorilla Capital can pay your contractors and/or vendors directly for work completed. We will need the following documentation from the contractor/vendor to be able to release payment:
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Independent Contractor Verification (form in link to Contractor Packet below)
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Independent Contractor Agreement (form in link to Contractor Packet below)
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W9
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Certificate of Liability Insurance with “Gorilla Capital Fund and all related companies” named as an additional insured
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Optional: Voided check if contractor/vendor prefers payment via ACH instead of check
Email the completed Contractor Packet below to contractor@gorillacapital.com.
CLICK HERE TO DOWNLOAD OUR CONTRACTOR PACKET
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What if my rehab project goes over budget?
As soon as you expect your rehab project to go over budget, contact your Gorilla Capital Account Manager. While Gorilla Capital makes no commitment to fund rehab expenses beyond the agreed upon budget at purchase, processing a change order with additional deposit may be an option assessed on a case by case basis.