Funds Control Delivers Value
- Funds Control Project is awarded by the Lender and a funds control agreement is established between AKT Peerless, the Lender, Borrower and the General Contractor.
- We complete a Construction Analysis Report and Contractor Review if requested by the Lender.
- A pre-construction conference call between AKT Peerless, the Lender, Owner and General Contractor is performed to ensure all parties understand the requirements, documentation and timelines associated with the Funds Control process.
- The initial draw request, supported by invoices and conditional lien waivers, is submitted to AKT Peerless by the General Contractor. After we review these documents for compliance, a field inspection is scheduled within 3 business days.
- After the field inspection and draw documentation review is completed, we provide a report to the Lender with a funding recommendation. The Lender then disburses the approved amount to a separate Funds Control bank account managed by AKT Peerless accounting personnel.
- We prepare individual checks and unconditional lien waivers to subcontractors and material suppliers approved for payment, as well as the amount earned by the General Contractor, and sends all checks to the General Contractor for distribution.
- We obtain unconditional lien releases for payment verification prior to the next draw, and the process is repeated through closeout.
Our process is thorough and efficient, ultimately ensuring our professional oversight from project start to finish.