Imagine how much time you could save by eliminating back-and-forth document transfers. Picture a world where you don’t have to organize documents for each draw, or manually compare spreadsheets to... Read More
Construction Lender Efficiency Tip #4 – Map Funding Sources and Uses Upfront, then Automate Disbursement Logic
Let’s face it, tracking funding sources and their disbursement restrictions across line-items can be cumbersome. You have to remember which funding sources go with which line items, or add redundant line items when costs are split between multiple sources.
Rather than adding multiple line items for ‘Concrete – funding source 1’, ‘Concrete funding source 2’, etc. take a more automated approach instead. Start by listing out all your funding sources at the start of a project. Next, determine the disbursement logic for how funds will be allocated across line items. Finally, leverage technology to automatically enforce your disbursement logic for you. Today’s top platforms allow you to set funding sources and disbursement logic upfront. Once established, you have a ‘set it and forget it’ solution that automatically handles allocations throughout the life of the project. No redundant line items, no need to remember disbursement logic, and no over-complicated budgets. Automatically track funding sources and their uses in one place.