5 Good Signs of a Good Borrower
Oftentimes when banks loan money to consumers, they have no idea what type of customer they are getting. Will they make payments on time? Keep the job on schedule? Are they honest and trustworthy? This is where QuickDraw Fund Control can offer assistance. We research borrowers and then communicate to the banks what type of borrower they might be dealing with. We review their performance and field execution along with their paperwork. For example, we look at the history of their draws to see if we find any red flags. QuickDraw Fund Control offers accurate feedback to let the lender know how well the borrower is performing.
We look at 5 key points before recommending a borrower:
1. Organization: Are they organized? Both in the office with paperwork and in the field with their employees and job schedules.
2. Subcontractors: Do they have subcontractors already chosen for the job or are they still in the process of accepting bids? If subcontractors are already in place, the job can begin as soon as funds are released.
3. Jobsites: Are they clean? A contractor who keeps a clean job site shows pride in his work. These types of personalities are more likely to make payments on time and in full.
4. Schedules: Do they stick to the pre-determined job timeline? If their jobs run on schedule, that means employees and subcontractors are getting paid on time. It also means that the job will finish on schedule and lenders can start receiving payments on time as well.
5. Proactive: Do they seek out new job opportunities? If they see an issue bubbling up on a jobsite, do they nip it in the bud or let it get out of control?
Unfortunately, we see plenty of contractors who maintain dirty job sites, don’t stay organized or on schedule, and foster unsafe working conditions. These are the types of borrowers that lenders want to avoid, and QuickDraw Fund Control can help them do just that.
Throughout the course of a project, QuickDraw Fund Control visits the job site to ensure that operations are running smoothly. We notify the bank of any problems we foresee.
QuickDraw Fund Control has the experience necessary to pick out shady borrowers. We strive to provide lenders the eyes and ears they need on the jobsite so that they can make informed decisions when approving loans. Contact QuickDraw Fund Control today for more information about our services!