DRAW MANAGEMENT
Maintain project control while removing the headaches
The communication chain between the parties to a construction loan is often cumbersome and prone to error. We find that builders often submit draws before they are ready which slows the project and increases loan costs. In addition, lenders spend an exorbitant amount of time fielding builder/borrower communication and packaging draw documents.
Our goal is to streamline communications and create a more transparent process for all parties by managing the manumatic and time-consuming components . . . freeing your team up to focus on lending.
What does Draw Management include?
- Initial Onboarding
Needs analysis to understand lender’s specific draw process needs
- Builder and Borrower Correspondence
Fielding draw requests and scheduling inspections
- Draw Schedule Normalization and Updating
Conversion of builders scheduled costs to AIA or lender’s prefered form including draw requests and funding updates
- Initial and Recurring Insurance Validation
Monthly validation of loss payee and required limits for surety bond, commercial liability, builders risk insurance
- Lien Waiver and Invoice / Receipt Collection
Collection and packaging of executed lien waivers and project invoices pertaining to builders’ draw requests
- Down Date & Completion Endorsements
Requests for owner policy endorsements to protect against recorded liens
- Draw Inspections and Reports
Physical inspection of jobsite and reports evidencing work completed and stored material
- Lender Updates
Lender correspondence and project updates at lender’s preferred cadence
- Web accessible secure file directory
Secure cloud repository available for lender to access reports and other pertinent project documentation