Financially qualified contractors are the difference between repeat referrals and aged loans.
A financially qualified contractor has the following attributes. We strongly advise you verify these before choosing your contractor. It will be the difference between getting your upgraded house when you expect and delays beyond your control.
- Adequate working capital – To not have to rely on down payments to cover times between cash availability for payroll, vendor & subcontractor obligations.
- Long-standing vendor & subcontractor relationships – 45-60 day credit with supply houses, masonry, lumber, plumbing, electric, Lowe’s Home Depot, CC, etc. Long standing relationships with mason, framer, plumber, electrician, tile, finish carp, etc.
- A verifiable history of completing on time and on budget – One of the most important considerations, best guarantee of getting your finished house when promised.
- Provides accurate, complete bids – Has administrative capacity to supply complete timely bids, change orders and invoices.
- Responds timely – Also an important measure of will you get your house when promised.
Will the project be completed on time?
Negotiating a committed start and completion date with the contractor is recommended. Again, please choose a financially qualified contractor. They will have all materials on site before they’re needed and have a 3-5 person crew working on your house daily. This is the best way to assure your house is completed when you expect.
Will the project be completed within the borrower’s budget?
The budget is controlled in the collaboration with us.
Will the contractor provide the quality of work that the borrower expects?
This is best determined by visiting at least three of the contractor’s recent projects.
When searching for a contractor, we recommend asking friends, family, neighbors, and local supply houses. If you choose to use websites like Angi’s, Houzz, and Home Advisor, please do so very carefully.
