FAQs
Who pays for the construction?
The construction costs are covered by the Senior Debt Lender within the facility offered to the SPV.
The main contractor is paid on reimbursement terms, meaning they have to do the work in order to get paid. There is no such thing as an upfront deposit.
Every month the main contractor has to submit an application for payment, which is reviewed by our Employers Agent (EA) for approval. Once the EA agrees an amount with the main contractor, they submit a payment instruction to the Senior Lender’s monitoring surveyor for payment.
In some cases, large ticket items on long lead times might require a deposit being paid to a subcontractor. These items typically relate to steel frames, windows & doors, precast or cast in situ floors etc. We safeguard our position by ensuring the subcontractors enter into a vesting certificate prior to the release of any payment. Along with the vesting certificate, they also have to submit photos of the materials in their factory detailing “property of SPV”. The subcontractor is also required to detail the Senior Lender as the first loss payee on their insurance policy before the Senior Lender will release the payment.
Other Construction Costs Questions
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