The 203(k) Information and Resource Center

203(k) Contractors

Contractor Referral Network

No Cost to Sign-Up
The 203(k) Contractors Referral Network is designed to connect borrowers with qualified and experienced 203(k) Contractors. The Network is also designed to maximize the opportunity for affiliated contractors to generate new business with projects that have guaranteed funding. No sign up fees or monthly memberships are required to attain affiliate status. The nominal referral fee schedule ensures a minimal impact on each projects profit margin.

To be granted access to the pool of projects all contractors are required to undergo a full contractor background check. The background check includes verification of a professional license and liability insurance, liens, judgments, and bankruptcy history, felony and misdemeanor criminal history, and a sexual offender check. Upon completion of the screening process and acceptance of the pre-determined referral fee schedule the applying company will be granted Affiliate status and given access to 203(k) projects listed on the site.

High Quality Leads
The vast majority of 203(k) borrowers have neither the time, skill, or resources to perform the work required in their specifications and will seek the services of a reputable company that can satisfy their needs. Most 203(k) lenders require that the borrower have a signed contractor agreement before their loan closes. Contractor payment guidelines, which require a company to start a project without a cash down payment, eliminate a high percentage of companies that might otherwise pursue these projects. These factors enhance the ability of 203(k) Central Affiliate contractors to secure projects that are submitted to the site.

Guaranteed Funding
Work with the confidence that all items listed in the project are funded. Funds for each project are placed in an escrow account and are available for disbursement after work begins. A contingency reserve account is available to cover unexpected expenses that might otherwise derail a project. Draw request inspections are scheduled and performed at the contractor’s request.

Direct Negotiations with Clients
One of the goals of the site is to encourage early involvement and selection of a contractor. With early involvement the contractor will have the opportunity to interact with the client and have direct involvement in planning the scope and estimating the cost of the project. There will be projects available for bid for which the budget has been estimated by a 203(k) Consultant. If a project under consideration has been estimated by a Consultant and the loan has closed prior to your company’s bid, the budget cannot be altered. For such projects, it shall be the responsibility of the Affiliate contractor to review the scope and budget of the project to ensure that sufficient funds have been allocated to complete the project.

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