Case Study: Manual Construction Loan Process Leads to Undocumented Draw

Posted by Seth Snyder on 5/23/18 11:23 AM

The phone rings. It’s your accountant telling you that your bank overpaid a construction draw by almost $50,000 and the bank had no record of this payment on the amortization schedule. What do you do with this money? That is precisely the decision a Doctor had to make with two months left until completion on the renovation of a recently purchased medical building for her new branch. Let’s break it down to see how a manual construction loan process can lead to errors like this and why it needs to be a relic of the past.

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Topics: Construction Loan Management Case Studies, Construction Loan Administration

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