Prior to giving the green light for a construction loan, lenders reach out to QuickDraw Fund Control to complete an analysis and review of the project budget outlined by the borrower. The purpose of this step is to provide the lender with detailed information to determine if the budget and predicted costs look reasonable. This is a significant phase in minimizing risk for the lender, which is why QuickDraw Fund Control’s detailed and accurate analysis is a valuable asset for each client.
To start, QuickDraw Fund Control’s experienced cost estimators and contractors review the borrower’s construction plans, specifications and budget. Specific factors addressed include city fees, Architects & Engineers, hard costs and off-site improvement requirements. The goal is to present validation for the sufficiency of the proposed project costs. Often, QuickDraw Fund Control visits the site to assess risk factors, or we meet with the local municipalities, research permit history, and enquire into bonded improvements, among many other investigative activities. Once completed, QuickDraw Fund Control provides a complete analysis to the lender based on the budget submitted by the borrower.
Without specifying the exact decision a lender should make, QuickDraw Fund Control serves as an information collector and analyzer to assist the lender in the underwriting process for project construction loans. Ultimately the decision is left to the lender, but QuickDraw Fund Control analyzes every detail to deliver a comprehensive financial picture of the construction project in the pipeline. An unbiased analysis of the project from an outside firm gives lenders the information they need to determine the project’s viability.
QuickDraw Fund Control’s team of fund control experts brings years of experience in construction and home building. This perspective in pivotal. We understand the acute needs of both lenders and builders. After spending years on the construction side, the leaders at QuickDraw Fund Control know a builder is looking for speed, accuracy and responsiveness in a fund control company and works diligently to provide that so our lending clients can keep their borrowers happy.