Levelset
JULY 5, 2022
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?
Wolgast Corporation
NOVEMBER 28, 2022
Liens Can Wreak Havoc on Funding. If you haven’t built a building in the last couple of years, you may be surprised when your banker tells you that they want to hire a Title Company to handle all of your payments to not only the General Contractor, but also directly to the General Contractor’s second tier Sub-Contractors.
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Levelset
OCTOBER 19, 2022
However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. Contractor risks with a construction-to-permanent loan. These risks should be a non-issue when contractors have a comprehensive risk management plan in place.
Levelset
MARCH 21, 2022
Restoration contractors can spend a lot of time waiting for payment. Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. Keep reading to learn five tips restoration contractors can use to effectively manage their cash flow while the homeowner waits for an insurance check.
NH Construction Law
FEBRUARY 25, 2023
A common feature of residential construction loans is the requirement for periodic inspections of the progress of work, usually by an independent inspection company hired by the bank, before disbursements are made. New Hampshire Savings Bank , 131 N.H. ” And such a voluntary undertaking is exceedingly rare.
Levelset
MAY 23, 2022
How individual specialty contractors handle these costs vary, but as the saying goes, “Cash is king.” 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. Protect your lien rights.
Levelset
JUNE 6, 2022
Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.
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