3 Signs of a Good Fund Control Company
When you are looking to hire a fund control company to help manage your construction loans, there are several things you need to look for. You want to work with a company who is experienced in dealing with these types of loans and knowledgeable of the finer points of construction project management.
Below are three of the most important signs you are dealing with a good fund control company:
1. Risk Reduction
Above all else, it pays to be working with a fund control company whose top priority is reducing your risks as a lender. QuickDraw Fund Control can perform a thorough cost budget review and analysis before a construction loan is issued or at any point during the process to ensure that the projected funds disbursement is accurate. We analyze the borrower’s loan history and every aspect of the construction budget with due diligence, which helps significantly reduce your risks and protect your investment.
SEE ALSO: Reduce Budget Risk by Outsourcing Budget Monitoring
Beyond just the decision to issue a loan or check on the progress during a project, you need a fund control company who is fully focused on making sure funds are disbursed properly throughout a construction project. At QuickDraw Fund Control, we seek a balanced approach that keeps both the lender and the borrower satisfied with funds disbursement. We control the funds to make sure things aren’t getting off budget, which is protection for you, the lender.
SEE ALSO: Benefits of Fund Control for Lenders
At the same time, we want to make withdrawing funds an easy process for your borrower, so they can get what they need when they need it. Timely access to capital is ultimately very critical to your clients’ success. We offer “Quick Draws,” which are processed within five business days. Our responsiveness and exceptional service to your borrowers keeps the business relationship strong for everyone involved.
Some fund control companies will just manage a budget and release funds according to a pre-determined plan. However, anyone in the business world will tell you that things aren’t always so black and white. Unexpected issues can arise during construction and there has to be some flexibility during any project. Because QuickDraw Fund Control specializes in fund control for construction loans, we are able to recognize trends and analyze reports with proven insight. We know what questions to ask and we make sure everything is properly reported and documented. This level of detail represents a commitment to service that adds value for our clients.
These are just a few of the key issues you need to keep in mind when hiring a fund control company to help manage your construction loans. To learn more about QuickDraw Fund Control and how we can minimize risk through responsiveness and service, call us today: 818.254.5823.