Once you’ve decided to build your dream home, you’re probably wondering how the process will work. This question is especially important if you live out of town and cannot make regular visits to the construction site. Working with BankSouth, a Lake Country bank located in Greensboro, GA for the past 75 years, you are assured that your project is in good hands. We specialize on keeping the construction process hassle and headache-free. Read on to see how BankSouth keeps your home construction process running smoothly.
BankLabs – Your Window Into the Process
We help our customers manage their construction process through our BankLabs software. BankLabs is an innovative online tool that allows you to keep up with your construction progress by giving you access to your detailed budget, percentage of completion across all categories, view inspection photos, and request and schedule inspections. BankSouth’s project managers use this convenient tool to take the stress out of the building process by helping you manage the construction process whether you are onsite or miles away.
Check out this video to see how BankLabs can help you.
Our draw process also sets BankSouth apart from other institutions. A draw is a payment made to your builder after an individual phase of construction is complete. Inspections are required after each phase to ensure the phase is complete and funds can be paid to your builder. BankSouth handles this process by sending you the inspection report, along with your builder’s invoice, for your approval via email, and once you approve, BankSouth handles the transfer of funds for you to your builder.
Other banks have their lenders complete inspections after each phase of construction. Lenders have a variety of responsibilities on top of loan inspections, such as creating loans and meeting with clients. Since inspections are not their primary job, this can slow down the draw process.
Here at BankSouth, we have our own third party contractor who completes inspections. This means your inspections are their top priority, and they are especially skilled at conducting these inspections. Each inspection comes with an extensive construction report which is particularly beneficial for customers living out of town and cannot regularly visit the building site themselves.
Other banks only offer a limited number of draws. This means you are only going to get a construction report after each construction phase has been completed. At BankSouth, we offer unlimited draws. Even if you are not done with a construction phase, but want to see how your project is going, we can send our inspector out to give you a full report. If you live out of town, there is no need to worry because these reports empower you as the homeowner by keeping you well informed of your home’s progress. Unlimited draws are beneficial for all customers because having an expert review the construction site ensures that your home building process is running smoothly and your new home is up to standard.
Whether you have more questions or are interested in getting the ball rolling on your new home, reach out to our bankers for help with all your home building needs.
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