Funds Administration and Escrow Services
Whether a simple TI or a complex ground-up, we deliver your project on-time, within budget and free of liens.
Granite Companies manages the labor-intensive draw process for you and works directly with the contractor so you can focus what you do best: originating. Using The Granite™ Risk Mitigation System, we provide a centralized and standardized approach to risk management. During the draw process, we promise to deliver customer service excellence so the contractor can focus on their primary goal: building. We reconcile and account for all draw activity using our proprietary software, while offering contractors and clients immediate access to their construction account: 24/7.
We provide sound and efficient draw oversight with:
- 50 State Statutory System
- Risk Management Reporting
- Standard (Bulk) Funding or Contractor’s Checkbook® Funding (Voucher Control)
- Draw details are a click away 24/7 from any device
Contractor’s payment cycles and methods differ depending upon the company’s size and geographic location. Having an expert to provide funds control during the construction process can help ease your peace-of-mind. We offer a Standard Funds Disbursement system, whereby the lender disburses funds direct to the contractor or borrower. Alternatively, through Contractor’s Checkbook®, Granite Companies pays all subcontractors and suppliers direct on behalf of the contractor. We’ll help you make the disbursement decision that best mitigates your risk.
Funds Administration Services for Residential and Commercial Lenders Include:
- Support documentation review including invoices and lien waivers
- Reconciliation of the % disbursed against the % of work completed
- Budget monitoring, including scope changes, change orders, and cost overruns
- Quality control and management of the draw inspection process
Granite Companies collects and reviews all draw related support documentation including the draw request (AIA G702/703, if applicable), invoices, lien releases, change orders/cost overruns, title updates/endorsements, line item transfers, budget report, and photos documenting work completed.