What Should Lenders Ask When Looking for a Fund Control Company?
If you are on the hunt for a fund control company to handle key duties during a construction loan, it pays to ask the right questions. This will help you find the right fund control company to protect your best interests and help make the process go as smoothly as possible for everyone involved.
Below you will find some of the most important questions you should ask and why QuickDraw Fund Control has all the answers you need.
1. What Are Your Qualifications and Experience in this Business?
It’s important to understand a fund control company’s history and know that their qualifications measure up to your standards. You also want a company that understands the construction business. Last but not least, it’s helpful to know the qualifications of any inspectors working on behalf of the fund control company. It’s important they know exactly what to look for when on construction sites.
With QuickDraw, you get a fund control company that specializes only in construction loans. Our Founder, Greg Norris, is a General Contractor, certified HUD-FHA 203(k) Inspector and has an extensive background in home construction. Our CFO, Tobi Nieland, is a CPA and former CFO of a major home building company. Everyone on the QuickDraw team is a seasoned expert, suited to handle vital fund control, cost analysis, invoice processing, inspection services and draw request duties.
2. Do You Have Good, Proper Insurance?
You definitely want to work with a fund control company that has a sound insurance policy. It really helps protect your financial interests throughout the construction process, where things can happen at a moment’s notice.
3. Can You Handle All Types of Construction?
There are several different platforms of construction including residential, commercial, industrial and land development. Then, within those different types of construction, there are various types of projects ranging from renovations to ground-up construction. Ask about the fund control company’s experience in these different platforms and ask to see their portfolio of projects. QuickDraw will be happy to provide you with many examples and case studies featuring just about every type of construction project you can imagine.
4. How Can a Fund Control Company Minimize Risk?
Risk management is a vital part of lending. You’ll want to work with a fund control company that has the skill and knowledge to first review cost budgets. Their expert opinion can help you decide to approve the loan or not. Then, find a company like QuickDraw Fund Control that works in your best interest throughout the project, processing draw requests and providing on-site inspections so you can feel confident any time the next set of funds needs to be released.
5. What Geographic Regions Do You Serve?
Make sure the fund control company has the reach and resources to cover everything you need, including on-site inspections. QuickDraw is based on the west coast, but we service construction loans throughout the country, with regionalized inspectors on call at all times.
6. What Kind of Capacity Do You Have?
Before you choose your fund control company, make sure they can handle your project. If they are too overloaded and don’t have the manpower, response time can be slow and that can seriously throw off the construction timeline. QuickDraw guarantees fast response time and draw processing within five days or less. That’s our promise.
These are just some of the questions you should ask your fund control company. Contact QuickDraw Fund Control today and we will gladly answer all these questions and any others you may have about our services. Let us show you how we can help you manage your construction loans.