Basic Funds Control
CFCS will provide support and control for:
Project Setup includes
- Creation of project database
- Budget balanced to the lender’s hard cost
- Project ‘kick-off’ meeting with lender, owner, contractor & CFCS
- Contractor training (systems and processes)
Hard Draw Processing includes
- Collection of draw request from General Contractor
- Application of draw to control budget for line item balance and proper retention
- Collection of invoices and lien releases from General Contractor for all trades
- Audit of all invoices and lien releases for draw accuracy
Inspection includes
- Verification of the percentage of completion at the time of the inspection
- Confirmation that materials are on site
- Creation of digital photographs of project progress
- Provision of a copy of current job card signoffs
- Provision of a summary of inspector recommendations
Reporting and Funding includes
- Provision of a project budget and inspection report to lender
- (Lender will issue checks)
To support your request for Basic Funds Control you must provide:
- Contractor’s construction budget with line item detail (soft copy)
- Construction schedule
- Construction plans – Full or ½ size required (fees will apply for PDF format)
- Copy of Contractor’s license (wallet version)
- Approved building permits (if applicable)
- Copy of Lender's Source and Use of Loan Proceeds
Full Funds Control
CFCS will provide support and control for:
- Project Setup includes
- Creation of project database
- Budget balanced to the lender’s hard cost
- Project ‘kick-off’ meeting with lender, owner, contractor & CFCS
- Contractor training (systems and processes)
- Hard/Soft Draw Processing includes
- Collection of draw request from General Contractor
- Application of draw to control budget for line item balance and proper retention
- Collection of invoices and lien releases from General Contractor for all trades
- Audit of all invoices and lien releases for draw accuracy
- Inspection includes
- Verification of the percentage of completion at the time of the inspection
- Confirmation that materials are on site
- Creation of digital photographs of project progress
- Provision of a copy of current job card signoffs
- Provision of a summary of inspector recommendations
- Reporting and Funding includes:
- Provision of a project budget and inspection report to lender for funding approval
- Once approved by Lender we will issue check(s) to all draw payees including joint checks to suppliers if required
- Collection and tracking of pre-liens
- Distribution to owner/contractor of post-funding reports
- Comprehensive Risk Mitigation includes
- Recording of Notice of Completion
- Collection of Certificate of Occupancy
- Collection of unconditional final lien releases for all draw payees
- Collection of completed and signed punch list and warranty letters
- Conducting a project date-down for Lender
- Support Services include
- Review of and processing of change orders
- Reconciliation of DDA account
- Delivery of completed project records to Lender in CD format
To support your request for Full Funds Control you must provide:
- Contractor’s construction budget with line item detail (soft copy)
- Construction schedule
- Construction plans – Full or ½ size required (fees will apply for PDF format)
- Copy of Contractor’s license (wallet version)
- Approved building permits (if applicable)
- Copy of Lender's Source and Use of Loan Proceeds
