As a construction and commercial lender, there is no question that you have unique factors to consider when choosing a buyer. Though there are numbers on pages you can look at – bank account balances, credit scores, etc. – there are other factors that can make a big difference. Check out a few of the factors we think help make a better construction loan borrower, then contact Fund Control for a free demo.

1. They’re Organized

You want a construction company that is organized across the board. This means they should be organized in their own office, when they visit your office, and when they are creating schedules in the field. An organized construction company is much more likely to get things done on time, remain in compliance, and to do a better job overall. Of course, one of the easiest ways they can stay organized is to take advantage of fund control software from Fund Control.

2. They Have Subcontractors Lined Up

It isn’t always possible for the borrower to have subcontractors lined up before they have a lender, but if they do then the job can start just as soon as you release funds to them. At a minimum, they should at least be accepting bids for the project.

3. Their Jobsite is Clean

In addition to being organized, their jobsite should be clean. Of course, no construction site is going to be sparkling but if it organized and relatively picked up, then you have found a contractor who takes pride in what they do. This means they may also be more likely to take pride in making all their payments in full and on time.

4. They Know How to Follow a Schedule

This may be the most telling sign of how well a borrower fill follow through on their obligations. If their jobs run on time, then their employees and subcontractors are getting paid on time – which means the job is likely finish on time. Of course, this also means that you can start receiving your payments sooner.

5. They Are Proactive

The fact of the matter is that there is no perfect borrower and there is no such thing as a perfect construction site. If a borrower makes a mistake, gets into a sticky situation, or falls behind, the question to focus on is how do they react to it? Do they take steps to own up to what happened and get back on the right path? Do they learn from their mistakes to prevent it from happening again? Or do they simply sweep the issue under the rug, blame it on someone else, or otherwise not act proactively.

At Fund Control we want every client to have nothing but successful lending experiences. We can help ensure that your fund control process is top rate. Contact us at 800-625-5972 now and we will get you started with a free demo.