When subs, suppliers, and vendors are not paid, this usually results in delays, job stoppages and headaches. If not promptly addressed this can result in mechanics liens being filed on your project, labor department issues for unpaid workers, delays and cost overruns.
The most common problem on construction projects is people not being paid. Remember….75% of claims on bonded projects are due to non-payment of subcontractors and suppliers…most of these problems are due to the mishandling of funds (co-mingling project funds…robbing from Peter to pay Paul).
FK Construction Funding provides A-Z cash management, funds control, and risk mitigation solutions that are custom tailored to the commercial construction industry. In addition to our cash management services of advancing funds to subs, suppliers & vendors, we ensure that all parties with lien rights are paid and waivers are secured before you make a payment. We advance the cash needed to keep the job running smoothly while dramatically mitigating the most common problems that plague construction projects.