When you’re undergoing a major construction project, don’t hesitate to reach out to our team!
Construction disbursement was created to reduce the risk that’s involved when funding construction. Construction disbursement achieves this goal by slowly releasing the money from the loan throughout the duration of the project.
Most of the time, lenders don’t release the full amount of the construction loan at once, but instead release portions of the loan on specific dates or project benchmarks to verify money is spent correctly.
These benchmarks are predetermined by a timeline that is created before the project’s start date. When a benchmark has been reached, there will be an inspection to make sure the work is complete and up to the proper standard. Then, the next portion of the loan can be given out to complete the next section of the project.
The Monarch Title team regularly facilities construction disbursement for our clients to provide peace-of-mind for the lender and borrower. We track the construction work to make sure that the only work you’ll be satisfied with is being paid for.
We handle construction draw requests and inspections with ease. Draw requests are the timelines with benchmarks for progress. Our professional team makes the process quick and painless for you by keeping track of when the draw request is made and when the vendor needs payment to keep your construction project going without delay.
Monarch will also pay all subcontractors and suppliers directly to ensure timely delivery. We will cut out the middleman, so there is no miscommunication and loss of productivity.
All lien waivers will be collected in a timely and efficient manner, so there will be no title issues for your property down the line. We also verify throughout the project that there have been no mechanic’s liens filed to confirm your property rights stay intact.
Maintaining progress reports can be stress-inducing for you and your family, but our team of professionals will take it off your plate. As expert title researchers, we understand how important an organized paper trail is in construction work and when dealing with lenders. Monarch Title will do the tedious work of keeping all documents safe and organized in one place, so you have one less thing to keep track of.
Managing a construction project and staying organized is no easy task, but Monarch is here to ensure there are no stones left unturned and no checks wrongly cashed!