McCracken’s Construction Budget application provides construction lenders the flexibility and controls to manage a balanced budget for the entirety of the budget cycle. Complete visibility into the budget from both the cost and funding perspectives allows lenders to manage the budget and administer draws as well as manage post-closing conditions using integrated controls. Role based security and workflow features allow you to integrate Construction Budget into the way you do business by streamlining your processes with automated task assignment and approval processing. From budget entry to completion, Construction Budget helps you more efficiently manage your construction portfolio.
Construction Budget allows you to create budgets with as many detailed line items as needed, apply retainage requirements, and define all funding sources on the project whether they consist of multiple loans, reserve accounts, grants, or owner’s equity. To track the line items and funding sources as dictated by the loan documents, tie funding sources to specific line items. User defined templates and the ability to upload line items from a spreadsheet streamlines budget entry increasing productivity and efficiency.
To manage post-closing conditions throughout the construction phase, Construction Budget allows users to capture conditions such as lien waivers, required permits, and site inspections. The application monitors critical due dates and expiration dates to alert users of actions needed. The ability to upload electronic documents for reference and maintain a history of conversations and actions using Notes provides a complete audit trail to document activities.
Construction Budget is flexible enough to do things the way you do business. Supported by role bases security, integrated workflow technology walks a draw through your draw request process. Appropriate users receive alerts to a new request, a Title Continuance is required, or the draw is ready for approval. Again, the ability to upload electronic documents and enter notes associated with the budget maintains the budget’s history.
The application displays the line item detail with the ability to apply draws to specific line items. The application automatically applies the funding sources as defined during setup and calculates retainage where required. You can even track all third party vendors and their contact information, flagging them as payees. When disbursing the draw, authorized users can split the draw into multiple transactions, select from the designated payees and specify the payment method for each transaction to streamline contractor payment.
Change orders happen. Construction Budget allows authorized users to change the overall cost of the project or reallocate funds between line items. Workflow features streamline the process for review and approvals for these changes. Users enter comments and upload documentation to support the change providing a complete audit trail.
Construction Budget allows users to capture the detailed budget from both the cost and funding perspectives, manage draws with complete visibility into the required actions and available funds from the beginning to the end of the project. With the increased visibility, workflow management, and a complete history of activities, Construction Budget increases the accuracy of the budget and reduces risk during the project.
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Construction Budget allows users to manage the entirety of their construction projects, from any funding source to the construction costs at a line item detail. With integration of the Strategy servicing system and workflow capabilities, Construction Budget is a complete and robust tool for any project.