We are happy to provide a really advanced fund control solution at Fund Control. However, we’ve seen that the finest in the business are frequently so preoccupied with the complexities of their work that the fundamentals are overlooked. We’re here today to give you a quick refresher on five essential construction loan management guidelines.

It’s All About Risk Management

Whatever else you’re concentrating on, you must never lose sight of the importance of risk mitigation. Construction loans are inherently risky, but that doesn’t mean you have to let them spiral out of hand. Understanding what may go wrong, how to lessen the possibilities of it going wrong, and having a clear strategy for what to do if it does go wrong are all important.

Make certain you’re aware of your critical stages

Once you’ve described your project in detail, make sure you’ve established your important phases and what needs to be done for them to be considered complete. The phases for your construction loan and production, for example, may be when subcontractors finish various portions of the project or when draw inspections take place.

Everything should be documented

Documentation is without a doubt the most important aspect of most construction projects. Documentation is required at the start of the loan procedure so that you are aware of the strategy. You’ll need documentation of the final report, as well as evidence of everything that happened along the way. We at Fund Control can assist you with this. We provide a single location where you can save and access anything you need, as well as everything the builder requires.

Invest in advanced fund management software

Investing in advanced fund control software is one of the simplest methods to reduce risk. We can make it simple for you to guarantee that deadlines are fulfilled, that projects are started appropriately, and that your money are handled effectively at Fund Control.

Improve communication

Many of the problems that arise on building sites might have been avoided if there had been better communication. The truth is that informing everyone about what they need to know may be exhausting. If a project manager receives an amended material quote, for example, he or she will need to notify a large number of employees. This frequently results in their alerting one person and instructing that person to inform others, and the knowledge is never shared.

When you engage with a seasoned fund management firm, we can set up a single communication hub for everyone involved. Not only does this ensure that the individuals who need the information receive it, but it also generates a record that may be used to resolve disputes or remind others of important information.