Benefits of Fund Control for Lenders
When overseeing several construction projects, choosing a competent and qualified fund control company to manage fund disbursement can prove to be particularly beneficial for lenders. There are many things about which lenders must think: budgets, funding, loan maturation, invoices and releases are just a few. The following points highlight the benefits of fund control for lenders.
• Fund Control is an extension of the bank. QuickDraw Fund Control has eyes and ears on the ground and can offer insight and information (both good and bad!) about the status of a construction project that the bank may not be able to see. We know the questions to ask and the milestones that must be hit to guarantee a successful project.
• Fund Control offers a quick, efficient process. Speed and efficiency are so important to QuickDraw Fund Control that Draw requests are often funded within five business days of receiving a complete package. Additionally, QuickDraw Fund Control coordinates a “Kick-Off” meeting with both the Lender and the Borrower before the project commences to review Draw procedures and the Construction Loan Budget. This step ensures that all three parties understand the requirements and funding procedures.
• Fund Control provides accurate Reporting. A company such as QuickDraw Fund Control offers error-free accounting and reporting, which provides a snap-shot of the loan balance at any given time.
• Fund Control makes happy borrowers. And happy borrowers offer repeat business for banks. QuickDraw Fund Control strives to keep all parties happy. With a high level commitment to customer service and the lender/borrower relationship, complete satisfaction is our goal for everyone.
• Fund Control mitigates risk. QuickDraw Fund Control not only acts as a liaison between the lender and borrower, but also monitors the progress of a project. How is this done? By physically visiting and photo-documenting the construction site to verify that labor and material improvements have been completed. This protects lenders from releasing funds in advance of work being performed.
As a leader in the fund control industry, QuickDraw Fund Control knows how to best serve lenders. Because of QuickDraw Fund Control’s unique qualifications, construction expertise and excellent customer service, lenders consistently find that they have the information necessary to deploy capital. Lenders quickly understand that they have reliable partner in Quick Draw, helping them reduce risk and provide superior service to their customer, the Borrower.