Rushmore strives to provide each customer with the utmost in customer care and professionalism and we regret to hear of any unsatisfactory experience or difficulties experienced due to the damage to the property. Insurance claims of over $40,000.00 are required to be monitored for the repair status as confirmed in the enclosed Loss Draft Information Packet that was previously sent to you. As the lender holds a lien on the property, under the terms of the Mortgage, the lender is allowed to require the documentation referenced in the Loss Draft Information Packet and monitor the repair status with inspections for disbursement of the claim funds. Rushmore previously received three insurance claim checks in the amount of $11,054.06, $14,221.84, and $8,880.68, which were endorsed by Rushmore and released to you. The most recent insurance claim check of $23,171.98, was received and deposited into the restricted escrow balance on June 8, 2021. As the total net claim funds are $57,328.56, at this time, the repair status needs to be monitored.
We confirmed on a call on October 23, 2021, that we can release an interim draw of $8,839.84 based on the repair status of the property and prior disbursements made, and you declined this interim draw amount. The current repair status of the property based on the most recent inspection completed on October 17, 2021, is 70%. Rushmore can disburse 75% of the total funds we have received based on a 70% repair status. Total net funds received are $57,328.56; therefore, total disbursements at this time can be $42,996.42. Since $34,156.58, has already been endorsed and returned to you, the remaining interim draw we can disburse at this time is $8,839.84, as we explained on the October 23, 2021, call.
For the roof repairs to the property Rushmore can disburse $5,973.41 once verification is received that the contractor is paid in full, and we receive a Form W-9, and Conditional Waiver and Release of Lien from the contractor. At this time, this documentation has not been received. Also, for the remaining repairs for soffits, flooring, final paint, baseboards, cabinets, and appliances, Rushmore has not yet received contractor documentation for these repairs. The enclosed letter was sent to you requesting for IRS Form W-9 and Contract for these repairs. If additional claim funds are received, we can further review for disbursements upon receipt of additional funds. Should you have any additional questions, please contact our Loss Draft Department at 866.661.9372.