As a mortgage company or bank, one of the most important parts of your company is determining how to find the right borrowers for your company. At Fund Control we have worked with banks of all sizes and have determined a few signs that are most likely to show that you have found a good borrower. Remember to call us at 800-625-5972 to find out how we can help with fund control options.

1. The Borrower is Organized and Has an Attention to Detail

When a person is organized, they are generally serious about what they are doing. They are not going into the process still trying to figure out what they are doing. They have made a decision and found a way to make it work. This means they are likely to also have employees who follow suit. In short, a borrower who offers an attention to detail is a borrower who is going to take their commitment to you seriously.

2. The Contractor Has Been Chosen

If a construction borrower comes to you before they have chosen a subcontractor or contractor then this is a bad sign. You want someone who is no longer accepting bids as well. Ideally, they are all set up and ready to get going and can begin the project as soon as they have the funds. It is no secret to anyone in the construction industry that the longer the delays are, the less the profit is. Do not start off with a built-in delay.

3. Check Out the Job Site

Ideally, the job site will already be set up. If this is the case, then you should look for one that is clean, well-organized, and ready to go. Once again, this is an indication of how much pride the contractor takes in what they are doing. If they have everything set up well then you can assume they are going to set up the project well – which increases the chances of you getting paid on time and on budget.

4. Check into Their Past Scheduling Delays

If the contractor has experience, ask for references. Amongst the other questions you will ask them, find out how well the borrower was able to stick to a schedule. Ask them if employees and subcontractors were paid on time, if the project stayed on schedule, and if their lenders were paid on time. If even one of these issues if off, you can take that as a bad sign.

5. Consider their Proactiveness

A person who is proactive is a person who is more likely to find a way to get the job done. Do they return your calls quickly? Do you see them working hard with a variety of people? Being proactive is a likely sign that they are going to be a decent borrower.