Our cash management services of advancing funds to subcontractors against completed work, FK CONSTRUCTION FUNDING will pay all of the subcontractor’s suppliers and sub-subcontractors via joint check and advance only the remaining balance to the subcontractor.
FK CONSTRUCTION FUNDING also monitors the following:
- Bankruptcies, Liens and Judgments provided by LEXIS NEXIS®.
- Business Owner/Principals Profile provided by EXPERIAN®.
- Company Profile Report provided by DUN & BRADSTREET®.
- Significant corporate changes or events reported by DUN & BRADSTREET®.
- Internal Revenue Service monitored by FK CONSTRUCTION FUNDING.
- Accounts receivable & accounts payable reports.
- Corporate monitoring by DILIGENCE® that includes secretary of state, state & federal tax liens, defaults, corporate status & entity monitoring, name change and UCC filings.
Common Surety Requirements
- Strict company & personal underwriting guidelines
- High personal credit score
- Pledge personal assets
- Limits & controls placed on sale of personal assets
- Cash reserves
- Personal performance guaranty
- Onerous accounting bookkeeping requirements
- Full financial disclosure (business & personal)
At FK Construction Funding credit decisions are based on the project and the credit strength of the owner or general contractor. We do not require any of the 8 most common requirements to secure a bond.
The General Contractor can either require that their subcontractors use FK CONSTRUCTION FUNDING as an alternative to bonding if for example a subcontractor doesn’t qualify or its cost prohibitive or the General Contractor can simply suggest FK CONSTRUCTION FUNDING as a cash flow solution that will also provide major benefits to the General Contractor.
Funding for Business Owners
All of this is administered at NO COST to the General Contractor:
- FK Construction Funding advances cash to ensure payroll is made, suppliers are paid and the job is not delayed.
- FK Construction Funding pays the subcontractor’s suppliers and sub-subcontractors directly and secures releases.
- FK Construction Funding maintains a complete credit profile on all subcontractors.
- FK Construction Funding monitors certain contract requirements.
- FK Construction Funding enforces the General Contractor’s payment application requirements.
- FK Construction Funding allows the General Contractor to remain in complete control.
- FK Construction Funding monitors all subcontractors for liens, judgments, bankruptcies, corporate status, UCC filings, name change, defaults, IRS 940’s etc.
While surety bonds and insurance products such as Subguard® offer valuable protection, the reality is once you need them the subcontractor (and possibly the job) are already in trouble. FK CONSTRUCTION FUNDING Cash Management, Funds Control Program & Risk Mitigation Services insure the suppliers & vendors are paid, payroll is maintained, and the subcontractor is properly funded.
If you are interested in our services, please call (833) FKC-FUND Option 1 or click the Apply Now button.
Whether you are general contractor, sub-contractor, supplier or owner we have a solution for you. We provide an array of construction finance and funds control solutions for every commercial construction project.