Contractor Approval is one of the key components to closing a renovation loan quickly. A contractor who can get a clear initial bid and is willing to quickly provide updates needed for the loan is essential. The contractor is also required to have licensing, insurance and certifications required by local laws for loan approval. If the contractor doesn't carry insurance or is not licensed in the jurisdiction where the work is to be done then they are not qualified to work on the project ...and the borrower will be scrambling to find another contractor.
What can you do to make sure your client's contractor is acceptable and qualified to do the work?.... Get the contractor approved as soon as possible. Below are the four items that must be provided to your Renovation Specialist as soon as possible for contractor approval.