Whenever taking on a large construction project, it will be necessary to negotiate a draw schedule with the lender. A draw schedule takes the full amount of the construction loan and splits it up into multiple payments that are made as work is completed. This helps to limit the risk that the bank takes on, […]
A claim of lien is a specific type of legal claim against property to secure a debt. The claim can be for any amount of money, or the specific value of services rendered. In most cases, the claims of lien are handled when the debt is taken out and agreed upon by all parties involved. […]
When planning a new construction project, getting the needed financing is one of the most important steps. Most lenders aren’t going to want to simply ‘write a check’ for the full amount of the entire project before it has even begun, however. This is where a document known as a draw schedule comes in. A […]
A mechanic’s lien is fairly simple in concept, but can get complicated in practice. To put it simply, this type of lien helps to provide assurances to the people who are doing the actual work on a job that they will get paid. This is important because many construction companies will perform the work with […]
Major building projects typically cost millions of dollars to complete and they won’t start making any money until sometime after the construction has been finished. In order to finance these large-scale projects, a funding agreement needs to be in place between the people or company who needs the construction done and the financial institution(s) who […]
Construction projects can be extremely costly and complex, which is why it is important to have everything in order before anything is started. Customers and construction companies should also keep in close contact throughout the job to ensure there aren’t any miscommunications. Once a project is finished, both construction companies and those who hire them […]
