5 Services That a Fund Control Company Offers
When you want to protect your construction investments, you need a fund control company that you can trust. A good fund control provider will act as a vital intermediary between the lender and the borrower. They will keep track of all stages of the project and make sure the funds are released in a timely manner throughout the construction process.
Here is a breakdown of services you can expect from a top fund control company like QuickDraw Fund Control:
1. Cost Analysis
Any successful construction project will start with a sound budget outline. A fund control company will be able to thoroughly review the construction budget and make sure everything adds up. By combining construction experience with financial acumen, they know what to look for and can help avoid budget problems before they happen. Most importantly, this analysis will allow lenders to determine if a construction loan is viable or not before any funding is approved.
2. Draw Schedule
Ultimately, the lender, borrower and fund control company will need to agree upon a detailed draw schedule based on the approved budget outline. This breaks down the construction project into different phases. Ideally, each phase should be completed before the next set of funds is released.
3. Draw Requests
The borrower will submit a draw request whenever new funding is required. The fund control company will carefully review the draw request, along with all invoices and other support documentation to make sure everything is verified before the lender releases any more funds.
4. Site Inspections
Throughout the construction project (generally in conjunction with each draw request received), the fund control company will perform thorough on-site inspections. The builder’s work is inspected, and all details are reviewed in conjunction with the budget outline and draw schedule. This step provides validation that certain construction milestones have been achieved before the draw request can be approved.
5. Construction Progress Reporting
After an on-site inspection, the fund control company will provide a detailed construction progress report. All documentation will be provided to the lender along with photographs of the site. This way, the lender will know that the necessary work has been done before the draw request is approved and the next set of funds is released to the borrower.
At QuickDraw, we’re a one-stop-shop for your construction investments. We provide all these fund control services and more to protect your best interests and help the funding of any construction project go as smoothly as possible. Contact us today to learn more about QuickDraw and our fund control services.