3 Tips for Managing Construction Loan Paperwork
Lions, and tigers, and paperwork – oh my! Managing all of the forms and invoices required for a construction loan can become a project unto itself. For one, you’re responsible for making sure that all the right documentation has been submitted and filled out correctly. Secondly, you need to keep track of all of these plus receipts, emails, etc. The number of documents to sort through can start to feel like a small forest!
Although paperwork can sometimes feel like a hassle, it is critical to the success of the project from all sides. That’s why AccuDraw makes it easy to store and track critical documentation within the system, so you don’t have to worry about where you put those construction material receipts or which version of a form you’re looking at.
Below are our 3 top tips for managing all your construction loan tracking paperwork.
Set Expectations About What is Due and When
Setting up a schedule for paperwork can be almost as important as setting up a schedule for the project itself.
Proper documentation ensures that you can accurately track a project’s progress, so communicating about when forms and receipts are due (and who is responsible!) can make it easier for you and your contractors to stay on top of everything instead of scrambling around at the last minute.
A construction loan tracking software like AccuDraw can even automate a checklist of items for you and/or set reminders about when upcoming paperwork is due.
Input Items as Soon as You Receive Them
At the end of the project, nobody wants to try to remember where a 3-month-old receipt for construction materials might be. Was a photo of it on a contractor’s phone? Did they mail it to someone? Is it sitting in your inbox, still unread?
Taking the extra 2 minutes to input items as soon as you receive them saves you and your team from the nightmare of tracking down paperwork days or weeks after the fact. Best of all, a system like AccuDraw means that anyone can upload inspections, photos, or other pieces of paperwork so there isn’t one person trying to juggle and manage everything.
Use a System like AccuDraw to Keep Everything in One Place
If managing paperwork is driving you or your team crazy, a construction loan tracking software like AccuDraw can help with a lot of headaches. All of these files can be directly uploaded into the software system, so you can access them immediately or refer back to them later.
AccuDraw can keep track of documentation like:
- Loan documents (Loan Agreement, Commitment Letter, etc.)
- Signed contracts (purchase, architectural, construction, etc.)
- Title Insurance, Legal Opinion, Surveys, Insurance, etc.
- Notices of Commencement
- Contractor’s Affidavit and Lien Waivers
- Budget, AIA forms G702 and G703, approved draw request forms, etc.
- Inspections, photographs, etc.
- Title Updates
- Certificate of Occupancy, executed leases, etc.
Ready to Try AccuDraw?
AccuDraw 7 offers a completely customizable construction loan tracking software that does exactly what you need to get the job done quickly and accurately, including managing all the paperwork and documentation.
Ready to get started? Contact us today for a free demo of AccuDraw’s Version 7!