DrawAlert and ConstructionReports.com are teaming up to boost construction funding transparency.
Phoenix-based DrawAlert and ConstructionReports.com said this week they have forged a partnership that will lead to more benefits for members and create a more transparent construction funding process.
ConstructionReports, a construction bidding and lead service for commercial contractors, is known for its relationships with the construction and building industry within Arizona.
"We believe that DrawAlert will provide strong value to our members by providing a more professional project approach that will save them time, money and headaches," ConstructionReports.com General Manager Brad Blaicher said.
DrawAlert offers an electronic solution that automatically informs all stakeholders of the payment cycle for each draw and reduces the typical burden of managing the pre-lien process, decreasing project expenses and reducing overhead costs in relation to pre-liens, as well as offering transparent operations.
DrawAlert said the the partnership will help its customers. "Any construction project delay can quickly spiral into increased project costs and increased anxiety by all parties," DrawAlert Co-founder Ted Ritter said.
A benefit of the DrawAlert system is that there is no fee for lenders or owners to use the portal. Additionally, there is a per project fee of $450 for general contractors and a $75 fee for subcontractors.
Overall, the partnership hopes to offer members with increased transparency, value and access to projects.
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