We Do Partially Complete Construction

We Do Partially Complete Construction

The bulk of the work to underwrite such a loan is to contact the contractors on the project to determine the status of monies owed to them. Itís critical that we know every contractor who worked on the project, if they are owed a balance on their work and when the work was completed (contractors have a limited time to file a lien against a property and sometimes forget to do so in the time allowed). We also need to verify by inspection that the claimed work has been completed. If it has, we can include funds to pay the contractor in the construction budget going forward or obtain a lien waiver from the contractor who may be willing to wait to get paid.

All of this requires a great deal of legwork. It also requires that your borrower have the information on hand to provide to us (and that itís complete and organized). A list of all the contractors who worked on the job (including sub-contractors) would be on the checklist we would send you. If you can provide that information, we can offer you a potential way to fund a class of loans few other brokers can.