Managing money through the course of construction of a new home is no easy feat. We’re proud of the team we’ve assembled who watch over your construction dollar. We can’t say enough about the integrity of the professionals at Quail Homes that make every aspect of this process smooth and transparent to our home buyers.
With so much that transpires, how does our team manage it all? First an overview before we tackle the details.
Quail Homes helps our clients obtain the appropriate financing upfront with any number of local lenders and facilitates the disbursement of those funds to pay for the work performed monthly. We process and pay subcontractor’s and supplier’s invoices timely and accurately. We also manage Lien Waiver releases as a part of Quail everyday process to help protect our client’s homes from Lien filings.
Quail Homes works with you and your lender (the bank or credit union of your choice) to help expedite and arrange for project funding. We’ll provide your lender with all of the construction project documentation that they need to process your loan request. Lenders need things like the plot map, house plans, Description of Materials Specifications, Cost Breakdowns, and more. We’ll also provide supporting information to the Appraiser and will answer any questions that may arise when your project is getting appraised. We’re lucky that our reputation has earned us solid working relationships with Senior Loan Officers at numerous local banks and credit unions to assist us on your behalf if the need arises.
Quail Construction Draws
Quail provides transparency to our draw process by attaching copies of the actual invoices for 100% of the costs to the Quail Draw form for our construction projects. We include a real-time “Projected Final Cost”, each month by line item, when you receive your Quail Draw request. The Quail Draw accurately tracks the history of your costs and projects the remaining costs. This provides a framework that allows for budget planning and “what if” scenarios to be contemplated.
Each month we provide the service of synchronizing your Bank Draw request paperwork with the actual project costs collected on the Quail Draw. We prepare a draw request, which our clients sign, and then we process the draw directly with your lender – saving you time and effort. Our team facilitates the onsite access for bank inspectors as well as appraisers when progress reviews are scheduled.
Accounts Payable and Lien Releases (Once Bank or Client funding occurs)
We take a lot of pride in our relationships with our talented subcontractors and vendors. A big factor in this relationship is the fact that we pay their invoices quickly and accurately. Only the invoices that were approved and funded will be paid (no robbing Peter to pay Paul at Quail). Lien releases are executed for all subcontractors that have lien rights. Quail’s documentation helps to protect the home owner from having liens filed against their property. We require an authorized signature on the Lien Release Form by the subcontractors when they get paid.
Learn more about how we manage your money and build our homes by following us on Facebook, listening to our radio program every Saturday morning at 9:00am on Sunny KKOV 1550 and at 1pm on KPAM 860AM or in our radio archive and reading “Ask The Builder” in Vancouver’s Columbian newspaper on Sunday in the Real Estate section or on our website.