Issue link:

Contents of this Issue


Page 2 of 5

Other Marketplace Services Project Pro. When applicable, the following Built Project Pro Services are included for each Active Collateral Unit and designed to assist with upfront and ongoing diligence: ● Contractor Management. Contractor Management Services provide tools to support Client in determining acceptance of a general contractor selected for a construction project ("Contractor"). Contractor Management Services include the following ("Contractor Review"): ○ Contractor Profile. Built will deliver Client a report regarding a requested Contractor providing information compiled from national business credit databases including business status, pay history, credit profile, and confirmation of insurance coverage and license status. ○ Customer Data Collection. Client may configure templates to collect necessary information from Contractors to comply with Client's underwriting requirements. ○ Contractor Portal. Client may invite Contractors to access the Contractor Portal to provide Client's requested information and documents as a part of underwriting. ○ Contractor Requirements Tracking ○ Ongoing Contractor Management, ○ Contractor Registration Status & Real Time Alerts ● Project Monitoring. Project Monitoring includes the following: ○ Lien Monitoring. Daily monitoring of the properties collateralizing the Active Collateral Units in Client's portfolio and reporting on any involuntary liens (e.g. mechanics liens, tax liens) discovered for each property address. Initial reports for a property address will include all available involuntary liens for each address. Subsequent reports will include new involuntary lien records for each address. Lien Monitoring Services rely on data collected from county property records offices and is not warranted to be complete or error-free. ○ Contractor Monitoring. Contractor Monitoring Services provide Client with daily updates to select Contractor profile data for the duration of construction. ○ Project Monitoring Dashboard Title Search Services. Title Search Services allow Client to request Title Search Reports on a property associated with a Collateral Unit on an ad hoc basis. Upon request from Client through the Built Platform, Built will process the request and produce a Title Search Report for the requested property. Once the Title Search Report is complete, it will be made available to Client within the Built Platform. The Title Search Reports include property information including owners, encumbrances, current mortgage(s), any open liens or judgments, and the property tax status for the stated period through the report date. Plan & Cost Review Services. Plan and Cost Review Services is a third-party, pre-loan analysis of Client's construction project documents for omissions, discrepancies, and deviations from best practices. The analysis will be based on required documents provided by Client. Plan & Cost Review includes the following evaluations: (i) plans; (ii) budget; (iii) contract; (iv) appraisal; and (v) permits. Following each Plan and Cost Review, Client will be provided with a summary of findings to supplement Client's credit decision. Built Lender and Asset Manager Service Descriptions Exhibit v.01.23

Articles in this issue

view archives of Legal - B4L-Service-Descriptions-v.01.23-2