Frequently Asked Questions
We've made an attempt to answer the questions we hear most here, but if you do not see the question you are looking for please feel free to jump on the chat and ask the question or send us a quick note at the Contact Us page.
What is a construction loan?
A construction loan is a "line of credit" that a bank approves to fund a construction project. Each month the borrower submits a package of invoices called draw requests to get approval to remove funds from the loan.
What is a lien release?
A lien release is a legal document that waives the right to file a mechanics lien against a property.
What is required to install Contract Simply?
Contract Simply is a cloud-based solution that requires no additional IT staff or hardware investment and is automatically updated for easy maintenance.
What is construction loan management?
Construction loan management is the tracking of construction loan documents and funds. This typically includes tracking lien releases, change orders, invoices, inspections and draw requests.
Is your system secure?
Contract Simply is built on AWS and integrated into third-party vendors that ensure top-notch SOC-1 and SOC-2 compliance. Furthermore, the software utilizes industry best practices to guarantee proper security of personal information and funds.
Do you offer reports?
Yes. Our system will generate reports for your loan portfolio in minutes. Whether it be portfolio composition, draw processing time, or projected funding needs for upcoming months, the answers are just a few clicks away.