If you’re preparing to partner with a fund control company to assist with managing your construction loans, there are a few details you’ll want to keep in mind. There are the obvious things, such as a company that has extensive experience in dealing with these kinds of loans, intensive knowledge when it comes to the details, and an overall understanding of construction management.
However, there’s a few difference between a competent company and a great one, and you should know which one to partner with. Keep reading for 3 critically important signs that you’re working with a quality fund control company.
- A good fund control company shouldn’t merely check on the progress during a job or agree to issue a loan. There needs to be a focus on disbursing funds correctly, and providing responsiveness to both the lender and the borrower. Funds should be controlled responsibly to make sure the budget stays under control.
- Remember that some fund control companies will simply follow a predetermined plan for releasing funds and manage the budget. That’s great, but problems can occur. A solid company needs to be able to spot trends, respond appropriately, and make sure everything is correctly documented and reported. Service is key.
- Ultimately, the top priority of a fund control company should be to minimize the risks of the lender. Before the loan is issued initially, or at any point during the process, they should be able to perform a thorough cost budget review and analysis. This will ensure that the projected funds disbursement remains accurate.