Fund control is a highly sought-after service provided by third-party firms who manage the disbursement of funds during construction projects. Rather than oversee the arduous task of invoices and payments during the course of a project on their own, lenders outsource aspects of this process to fund control companies like QuickDraw Fund Control. As the intermediary between the lender (banks, private equity firms and private individuals) and the borrower (contractors and builders), QuickDraw Fund Control works to make the fund disbursement process a positive experience for all.
QuickDraw Fund Control takes client satisfaction seriously, which includes making our lender’s clients—the borrowers—happy too. We work with the borrower to quickly process their draw requests for funds to ensure the construction project remains on schedule and within budget. In fact, speed of response is so important that QuickDraw Fund Control strives to fund a construction loan within five businesses days of receiving a complete package.
The fund control process starts when QuickDraw Fund Control and a lending client establish a service agreement. Transparency is a key value in our work. To maintain this level of communication, QuickDraw Fund Control meets with the lender and borrower before the project begins to review the project cost estimates and the project budget. From this information a disbursement schedule is created to maintain a consistent and orderly flow of work and payments.
All budgets and schedules are sent to QuickDraw Fund Control at the onset of the construction project. Then, as the project unfolds, QuickDraw Fund Control approves payment to contractors and vendors throughout the development of the project.
QuickDraw Fund Control follows these steps in managing our highly regarded fund control process.
The borrower submits draw requests to QuickDraw Fund Control. Upon receipt of these requests, QuickDraw Fund Control reviews invoice documentation to verify the validity of requests.
We visit the site to evaluate the progress and confirm the project is moving according to schedule before authorizing payments. Regular monitoring protects lenders from releasing payments before performance has been met.
Once the request for payment is proven to be valid and appropriate, we approve the draw for funding.
Choosing QuickDraw Fund Control to oversee the fund control process becomes especially helpful for a lender if they manage multiple construction projects. Our sound accounting and reporting skills prevent projects from getting intermingled. With multiple people and businesses involved, working with a licensed firm like QuickDraw Fund Control moves the timeline along. Additionally, our close watch on each project and its invoices means we notice red flags and address them immediately. This attention to detail protects the lender and keeps them in the loop on a draw-to-draw basis.