QuickDraw Fund Control Takes On New Multi-Family Construction Project in Ontario
QuickDraw Fund Control recently signed on to handle the fund control and on-site inspection services for a massive new multi-family residential construction project in Ontario, California. Known as Hallmark, this project will be a four-story, two-building, 75-unit complex that also features a beautiful community pool and recreation center. It will have one- and two-bedroom units designed with the latest architecture and stunning interior design elements.
Construction is set to begin within the next few months and the entire team at QuickDraw Fund Control is excited to be an integral part of the process.
The construction loan was issued from a longtime client of QuickDraw’s, Preferred Bank’s Orange County Real Estate Industries Group, which is located in Irvine. The borrower is RC Hobbs Company, Inc., based out of Orange. This veteran Southern California builder will manage the development of this property and QuickDraw Fund Control will be involved every step of the way.
QuickDraw Fund Control will handle the funds disbursement throughout the construction project. Based upon the Borrower’s needs, draw requests for loan proceeds will be submitted as each milestone of construction has been completed. The QuickDraw team then processes these requests and upon completion, approves the funds for disbursement by the Lender.
Throughout the build cycle, QuickDraw conducts site inspections. These happen with each request for funds and the goal is to keep the lender informed throughout the construction process. We provided detailed inspection reports and photography to show our specific progress. This lets the lender see that construction is moving ahead as planned and is an integral part of funding draw requests. We help keep everyone’s best interests protected.
2017 looks like it will be another eventful year at QuickDraw Fund Control. This multi-family development in Ontario is just one of the many major construction projects we’ll be involved in this year throughout the Western United States.
For more information on our services, be sure to contact QuickDraw Fund Control at (818) 254-5823.