Contractor Approval
Working with a qualified contractor can determine the success or failure of your ground up construction, rehabilitation or flip project.  DFI requires approval of all contractors involved in any project being financed.  

DFI policies include: 

  • No “early” draws
  • Hold back  must be utilized on all projects
  • For flips rehab work must be completed within 75 days from loan funding 
  • Longer timelines for ground up construction, based on scope

DFI approval of your selected contractor requires submission of the qualifying documents listed below (after initial loan pre-approval) :

CONTRACTOR QUALIFICATION DOCUMENTS:
  • License
  • Proof of Liability and course of Construction Insurance ($1 million minimum)
  • Proof of Workman's Comp Coverage
  • Copy of Contract for Project being Financed
  • Line Item Budget for Project Being Financed

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One work is underway, DFI will only release periodic fundings after additional items are submitted, reviewed and approved as applicable such as:

FUNDING AND CONTRACT ISSUES:
  • Hazard Insurance
  • Building Permit(s)
  • Government Inspection Sign Offs
  • Lien Waiver(s)
  • Certificate(s) of Completion