Contractor’s Checkbook

General contractor’s profit paid directly
Subcontractors and suppliers paid directly
Timely payment (not subject to homeowner’s schedule
No lien releases
Reduces paperwork and book keeping efforts
Budget reconciliation and management
All parties, contractor, borrower, and lender can be assured of properly disbursed funds

National Construction Escrow Services

Third party verifies and holds funds ensuring payment
Timely payment (not subject to homeowner’s schedule)
Budget reconciliation and management
Third party acts as intermediary resolving conflicts
Qualified construction inspector confirms work in place

Private Project Management

Building your dream home, though exciting, presents many challenges. Although you may be familiar with the traditional mortgage process, a construction mortgage includes additional elements of risk. GLM works on behalf of the financial institution to mitigate these additional elements of risk.

In a typical construction project, the contractor will request funds when work is completed. GLM’s role is to ensure all subcontractors and suppliers are paid in timely fashion in accordance with the approved budget. In order to confirm the work is in place, GLM will request a site inspection from a local, approved inspector, as it considers necessary to protect the financial institution’s interest. This process is important and will assist the financial institution in substantiating the collateral value of the home you are building. As the experts in construction lending, GLM is able to manage the most difficult projects while meeting your contractor’s needs. GLM understands the importance of quickly turning around draw requests.

Many times a homeowner will build their dream home without the use of financial institution funds. This presents unique challenges for the homeowner. The homeowner must manage the additional responsibility of ensuring all subcontractors and suppliers are paid in a timely fashion. The homeowner must also understand the statutory documentation requirements in their state. If the draw process is not properly managed and the contractor does not pay the subcontractors and suppliers, the homeowner may be subject to mechanics liens. To mitigate your risk throughout the fund control process, consider directly contracting with GLM. The construction process is a complicated one and GLM’s fund control services will ensure all subcontractors and suppliers are paid so that you don’t have to pay the bill twice.

If you would like additional information on GLM’s private fund control services or have other questions, please feel free to Contact Us via email or call us at 866.710.4087. We look forward to hearing from you.