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 these disbursement services, and more, for residential, commercial, renovation, and 203K loans.