Outsourced Multi-Draw/Construction Monitoring
Your SBA Loan Department, Fully Staffed By Our Experts.
Windsor Advantage’s Construction Multi-Draw Department is dedicated to streamlining the management of credit portfolios for our valued lenders. We handle every aspect of construction draw management, ensuring a seamless and efficient process from start to finish.
Our Construction Multi-Draw Department offers a tailored solution for banks and credit unions seeking to optimize their SBA loan department. We bring efficiency, accuracy, and peace of mind to the construction draw management process, allowing our clients to focus on their core business.
Windsor Advantage Multi-Draw Capabilities:
Project Review and Intro Call
- Review construction loan memo with bank to verify compliance with SBA program requirements.
- Hold intro call to discuss draw request process with borrower and contractor.
Draw Package Preparation and Management
- Expertly collect and organize draw request information from borrowers and builders.
- Verify the accuracy and completeness of documentation, ensuring compliance with SBA guidelines.
- Create clear and concise reports that lenders can easily review and approve.
Lender Collaboration and Approval
- Facilitate communication between borrowers, builders, and lenders.
- Expedite the approval process, enabling quicker disbursement of funds.
Lien Waiver Management and Disbursement
- Skillfully manage lien waivers, reducing risk for lenders.
- Ensure prompt and secure disbursement of funds to builders, keeping projects on track.
Benefits of Leveraging an LSP for Construction Multi-Draw Monitoring
Our wealth of knowledge and experience in construction loan administration within the SBA program will greatly reduce your bank or credit union’s risk of a repair or denial of your guarantee based on actions taken during the draw process.
- Reduce administrative burdens and accelerate the construction draw process.
- Free up valuable time and resources for your institution’s core activities.
- Expertly manage lien waivers to minimize potential risks and protect lenders’ interests.
- Ensure compliance with SBA regulations, reducing the likelihood of costly errors.
- Improve borrower and builder relationships through timely disbursements and clear communication.
- Enhance your institution’s reputation for responsiveness and professionalism.
Construction Multi-Draw Financing Process
The underwriting process for multi-draw construction at Windsor Advantage is divided into five (5) phases:
1.
Project Review and Intro Call with Windsor, Borrower, Contractor, and Lender.
2.
Windsor Collects Disbursement Requests and Supporting Documents
3.
Windsor Completes a Formal Draw Request Report.
4.
Lender Reviews and Approves Report.
For Lenders: Multi-Draw Construction FAQs
We believe in empowering lenders with the latest knowledge and resources they need to efficiently adapt to the SBA landscape.
Have questions about a specific Underwriting issue? Use the form below to get in touch. Ask Windsor >>
By outsourcing to us, you gain access to a team of experts who specialize in SBA construction draw management.
We streamline the process, reduce risk, and enhance efficiency, allowing your institution to focus on core activities while ensuring timely disbursements and compliance with SBA guidelines.
Our experienced team has rigorous quality control processes in place while meticulously reviewing and verifying all documentation, ensuring that draw requests meet SBA guidelines.
This includes cross-checking against established criteria, documentation standards, and industry best practices.
Absolutely. Our services are tailored to meet the individual needs of each client. We work closely with you to understand your reporting preferences and can provide customized reports that align with your institution’s requirements.
We act as a central point of contact for all parties involved. Our team facilitates clear and efficient communication, ensuring that draw requests are processed promptly and that any concerns or questions are addressed in a timely manner.
This helps maintain transparency and fosters positive relationships. We also use an online project management tool called Rabbet which tracks pay applications, invoices, and disbursements.
Windsor Advantage Underwriting Borrower Testimonials
Get Started with Windsor Advantage
Meet with one of our construction loan administrators today to learn more about what we can do for your institution. A representative will be in touch shortly.
Additional Resources from Accel: SBA Loan Lender Service Provider
Credit Elsewhere Analysis for the SBA Loan Credit Memo: Updated 2024
By Alex Stuart, Quality Control and Project Manager, Windsor Advantage What lenders need to know about the SBA’s renewed focus on the credit elsewhere analysis, and how to write more efficient analyses for the SBA loan approval process. The credit elsewhere analysis is a required component of the SBA 7(a)
Key Elements of an SBA Credit Memo to Ensure a Smooth Loan Approval Process
UPDATED May 30, 2024 to reflect current SBA guidance. Credit memos are critical to a loan application as they help tell the story of a borrower, their business and how the loan will be used. This story is then evaluated by the bank and the SBA to determine whether the
PDF Download: Overview of SBA Loan Guaranty Programs for FY 2024
New to the SBA space? In addition to the popular 7(a) Loan Program, SBA offers a number of financing programs for SMB owners dependent on eligibility. The below chart was recently shared by SBA. This chart outlines a high level overview of the latest eligibility requirements and loan proceed amounts