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Construction Cost Mgt

 

CFS has been providing interim construction loans for over 20 years, and from our experience and expertise, we advise homeowners who have the cash to build their home, to utilize a Construction Cost Management firm to handle the payments associated with construction.

There are so many components to construction; organizing the invoices, receipts, lien releases and payments can become overwhelming. Supporting documentation for payments is essential to avoid fradulent subcontractor and vendor claims / liens against the property.

Having a Construction Cost Management Plan in place allows the homeowner to have clear and concise records of every dime spent on construction, and supports the documents required by a permanent lender in the event a mortgage is put into place at a later time.

The fees incurred with this service include $100 per informal inspection for labor draws and a percentage per draw for processing.

Our fee includes:

  • Budget Management with the builder
  • Draw Coordination
  • Supplemental Documentation
  • Informal Inspections
  • Payment Processing
  • Monthly Bank Statement to the Homeowner
  • Monthly Draw Packets with copies of all receipts to the Homeowner

Let CFS take the headache out of keeping track of what has been paid, if the costs are in correlation with the builder’s contract and budget and most importantly, taking the necessary steps to protect the homeowner against potential liens that could cloud the title of the property.

If you are ready to proceed, please contact CFS at 830-980-6624 or Loans@ConstructionFinancial.com to submit the necessary documents and to obtain the Wire Instructions to set up your Homeowner’s Equity Account.

Construction Financial Services, Inc. NMLS #310747
18568 Forty Six Parkway, Suite 3002, Spring Branch, TX  78070
Office:  (830) 438-4558
Loans@ConstructionFinancial.com
Copyright © 2017 Lenders are required to provide the "Your Home Loan Toolkit", which has been provided by the Consumer Finance Protection Bureau created to comply with federal law pursuant to 12 U.S.C. 2604, 12 CFR 1024.6, and 12 CFR 1026.19(g). This is for all loan transactions effective 10/3/2015. Please click on the link to download a copy. http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf

CONSTRUCTION FINANCIAL SERVICES, INC. IS LICENSED UNDER THE LAWS OF THE STATE OF TEXAS, AND BY STATE LAW, IS SUBJECT TO REGULATORY OVERSIGHT BY THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
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