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Does a Lien Affect Your Credit Score?

Levelset

If you receive a notice that a lien has been filed on your property, you may wonder how it will affect your credit score and your ability to borrow money or get credit. Mechanics liens are different from other collection instruments, so they are treated differently when it comes to reporting on your credit history. What is a lien?

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You Risk Paying Twice When Sub-Contractors Don’t Pay Their Bills

Wolgast Corporation

Liens Can Wreak Havoc on Funding. On top of that, that they expect you, the owner, to guarantee to the Bank and the Title Company that the project will be lien-free during construction. These types of requests are common place in today’s world when an owner finances the construction of a building.

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Restoration: How to Manage Cash Flow While Waiting for an Insurance Check

Levelset

Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet. Protect your lien rights.

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5 Ways to Improve Cash Flow in Your Construction Business

Levelset

In the construction industry, starting a new project means encountering automatic, upfront costs. Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Learn more: The Ultimate Guide to Construction Accounting.

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How to Avoid Running Out of Cash on a Construction Project

Levelset

In this article, we’ll explore some strategies to help you keep money in the bank. Most construction businesses focus on their profit margins — making sure that revenue exceeds costs for each job. Cash flow is the number one reason why construction companies go out of business. Finance material purchases.

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PACE Bill Due in Baltimore City

Green Building Law Update

PACE state enabling statutes generally authorize local governments to engage private sector lenders to provide upfront low interest financing to property owners for qualified projects (e.g., providing opportunities to separately finance the top 20% of a construction project or.), Commercial PACE programs are still very new.

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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

Construction projects rely on contractors completing the work they started and meeting the design intent. The rate of retention is stipulated in the construction contract and can often be negotiated. Debit Credit Bank or cash $90,000 Retention receivable $90,000. Debit Credit Bank or cash $10,000 Retention receivable $10,000.