Now your loan has funded! The borrower owns the property and you have your construction loans in escrow and are waiting for the draws to begin. CFSI’s Fund Control process takes the tracking and worry out of the lenders hands. We load the budget and all appropriate line items from the contractor, and we keep the project balanced and in compliance with your loan and disbursement schedule provided to the borrower.
By working with CFSI you and your borrower get world-class customer service during the construction phase and reporting on project status along the way. We tell you when the project is slowing down, we alert you when the contractor is moving budget line items around (which may impact value), we collect line releases and invoices to ensure the subs are being paid, and your project is free of mechanic’s liens. Each time a request for a draw is received we send a qualified inspector, from our National Inspection Network, to the property and provide a line-by-line percent-complete project draw recommendation with a full set of photos for you for review and funding. Anything less than full compliance to your guidelines is discussed with the borrower, contractor, or lender based on the communication matrix set by the client.
Let CFSI show you how easy it is to do construction lending when you have the horsepower of CFSI behind you!
Once construction begins, a new set of risks come to the forefront. Ensuring that the project is on budget, on time and free of liens leaves a project that is fully completed and ready to transition into a more permanent loan.
CFSI Loan Management reviews all draws against the contractor’s accepted cost breakdown/budget making certain no lines are being overdrawn and to identify change orders. We collect all draw disbursement documentation (invoices, lien releases, etc.) along with all state statutory draw disbursement forms, ensuring that all entities working on a project, that enjoy lien rights, are paid. We order and review a site inspection to ensure the request is supported by work in place.
CFSI maintains constant contact with all interested parties to obtain all needed draw documentation quickly. This high touch approach ensures quick draw turn times, and fast payment to the General Contractor, and sub-contractors/suppliers.
CFSI provides construction funds control, construction loan monitoring, draw inspections, and construction loan disbursement for residential, commercial, and renovation.
CFSI has a national network of inspectors that can be dispatched to your project to complete a site visit. CFSI Loan Management will complete a draw inspection for all of our fund control projects. CFSI draw inspections include percentage of completion on a line by line basis, the project overall, as well as photographs of the entire project. The draw inspection is used with our funds control project monitoring and is a critical component of construction risk mitigation.
CFSI has a national network of inspectors that can be dispatched to your project to complete a site visit. CFSI will complete a status inspection evaluating the completion of the project based on the construction budget. CFSI’s inspections include percentage of completion on the project overall, as well as photographs of the entire project. This status inspection is for those lenders who do not utilize CFSI’s Funds Control process.
CFSI Loan Management is proud to be associated with the following partner organizations.
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CFSI does the groundwork to ensure you’re building on a solid foundation. Get in touch to let us know how we can help you.