Before the construction begins, we set up a funds disbursement plan that aligns with the project budget, and get it approved from all the stakeholders, including your lender (if any) and your prime contractor.
We directly pay the sub-contractors and vendor, at the request of the builder and hold funds in escrow during transit. A draw request goes through 3 stages.
Our modern, mobile-based eVouchers offer smooth workflow and anytime-anywhere capabilities, enabling the general contractor (GC) to submit a draw request in minutes directly from the jobsite. The GC does not have to go back to the office to create draw requests, or wait till end of the month to receive payments. This feature significantly accelerates the payment cycle.
Once the request is submitted, our platform cross-checks it against the master budget plan that has been signed off by the developer, lender and GC at the beginning of the project. We initiate any actions, such as inspections or inventory checks, as required by the plan (our platform enables very detailed actions, all the way to an individual line item, vendor or sub-contractor). A fully documented report, along with inspections or inventory checks, goes through the approval flow to the lender, developer or GC, as outlined in the plan. You remain in control fully through the approval process.
Once a request is fully approved, we receive funds in our escrow trust account, and issue an eVoucher to the sub-contractor. The sub-contractor receives payment only after completion of relevant paperwork, including lien releases and W-9s, as applicable. Our eSignature and ACH capabilities, coupled with modern mobile app means that the sub-contractors can complete the paperwork even from the jobsite. * In cases where electronic process is not accepted or preferred, we provide alternatives for completing the required paperwork quickly and efficiently.
The full request flow, payments and documentation is captured in great detail and is available to you in real-time. We provide customizable reporting that can be integrated into your own banking or lending management software such as IBM Z, Temenos, EdgeVerve or any platform that can use XML / CSV files – a standard in data exchange.
*: for states that allow remote notarization or do not need notarization of liens and allow eSignatures.
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