The Importance of Understanding the Fund Control Process
At QuickDraw Fund Control, we understand that the fund control process can seem complicated, but actually, it is not. That’s why we provide professional and reliable guidance for our clients throughout the entire project. We process draw requests, perform Site Inspections and make sure that you are kept updated along the way. QuickDraw’s fund control service is a form of protection, like an insurance policy, which is why it’s so important to understand what exactly goes into the process.
A proficient fund control company will:
- Review, process and approve properly completed draw requests to authorize the release of new funds.
- Provide on-site inspections and progress reporting to document and verify the completion of the requested items.
- Require proof of payment for all prior draws.
Having a fund control company like QuickDraw on your side would ensure that all these details are covered and all the proper invoices have been submitted on time. All the funds used in the first draw request are reviewed for accuracy along with assurance that key construction milestones are on track to be completed. Then, and only then, can the next draw request be approved. This attention to detail protects the lender, the borrower and the contractor throughout the duration of the construction project.
When selecting a fund control company, it’s important to choose one that is attentive in overseeing construction loan cost analyses, budget outlines, draw requests and on-site inspections. QuickDraw Fund Control understands the business and provides a helpful approach to the fund control process. To learn more about our fund control services and how we can help you manage your construction loans, contact us today.