|
Price: service fee |
Upgrade: free |
Copies sold: 0 - 49
Current version: 1.1 |
Year released: 2003 |
Year updated: 2003
Documentation:
• printed manual
• on-line help
Description:
AFP Internet Plus™ is a patent pending web-based database and application providing an efficient and accurate construction loan accounting system for lenders.
The general contractor and the construction lender, using their unique and secure user ID and password, access the program through www.applicationforpayment.com. All web browsers can be used, i.e. Internet Explorer or Netscape.
Project information is entered into the unique database and the AFP Internet Plus™ application retrieves the data and converts it into useable and meaningful information. Updated project accounting is performed automatically. The distribution of all necessary forms and paperwork for a progress draw is automatically done by the system.
Construction lending has always been a high margin and profitable service the banks and thrifts have offered their customers. To service the general contractor customer the construction processing departments within these institutions have hired the most competent personnel available within their budget. However, it is difficult to hire experienced personnel who fully understand the complexity of the construction industry.
This and a lack of standardization within the industry further complicate the process and the ability to efficiently process the construction progress draw.
The lack of standardization of information between the general contractor and the lender is a major problem. For example, when the lender receives the general contractor’s construction cost breakdown it is typically in an organized way that suits the general contractor’s need.
Each general contractor submits this information differently thus causing an inefficient process. Manually converting this information to the lender’s system is time consuming and can increase the possibility of human error. Furthermore, correcting the human error results in additional inefficiencies. The results of these errors could mean over-funding a project and/or the inability to provide quality and timely service to the general contractor customer.
Not making payments directly to the sub-contractors is a major problem. For example, many lenders pay the general contractor directly with one check and rely on the general contractor to pay each sub-contractor for the approved work that has been completed on a project.
This system typically works well as long as the general contractor manages his company efficiently. All too often, both new general contractors and seasoned professionals fail to complete the projects and pay the sub-contractors in a timely fashion or not at all.
Not having a system that automatically prepares and distributes standardized forms is a major problem. For example, for each construction progress draw lenders currently prepare and distribute instructions to the inspector, release form to the owner and waiver of lien forms to the general contractor and sub-contractors. This process is inefficient and increases the possibility of human error.
AFP INTERNET PLUS™ IS THE SOLUTION
AFP Internet Plus™ offers a secure and unique system that provides an automated and standardized method for information transfer between the lender and the general contractor. Since the system is web based it allows the lender and their general contractor customers to efficiently send and receive construction progress draw data.
AFP Internet Plus™ provides a method to account for each sub-contractor on a project. The system allows the general contractor to assign each sub-contractor to a project’s line item cost. The general contractor is able to efficiently provide the sub-contractor’s information to the lender and allows the lender to efficiently manage the payments to the sub-contractors.
The AFP Internet Plus™ system will automatically fax the required progress draw documents to the appropriate party. This feature provides an accurate and efficient process in assuring the many construction progress draw forms are sent out. See the “AFP Internet Plus™ Process Flow Chart” to further understand the process.
SUMMARY
A general contractor with over 25 years experience in construction who has worked with many lending institutions designed the AFP Internet Plus™ product to be used for all types of construction lending including commercial, residential, multiple buildings, tenant improvements, heavy construction, etc. The flexibility to adapt to these many types of construction projects doesn’t interfere with the simplicity of the function and use for both the lender and the general contractor. This simple method of submitting draws will become well known in the industry and demanded by the general contracting industry. Be the first in your market to offer the AFP Internet Plus™ solution. Call or visit our website to learn more.
Computer operating systems:
• Web based
|
