LMS PROJECT
Payment Management Services
We provide a number of simple to use tools that simplify the management of documentation, invoicing, and payments throughout a construction project. Our system helps every project participant keep better track of the project details that matter the most to them, and ensures that appropriate funding is available to keep invoice payments flowing smoothly, and in a fraction of the time when compared to today's antiquated payment processes!
Automated Loan Disbursements
Getting contractors paid for the work they do shouldn’t take hours of tedious manual effort. LMS automates the entire loan disbursement process and eliminates frustrating, manual steps that can lead to delays. Save time and keep contractors happy while fulfilling your fiduciary duty to your clients with LMS Project.
Unified Documentation
LMS centralizes all loan-related documents, including:
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Lien releases
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Invoices
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Reconciliation reports
You and your team can easily access and manage required documentation from our user-friendly platform. Reduce your administrative burden and work more efficiently with LMS Project.
Automated Lien Releases
Lien releases represent one of the most tedious construction-funding tasks assigned to title agents. LMS automates this process to save you time and reduce the risk of errors. You’ll no longer have to manually track and process license releases. Instead, our system handles everything.
Automated Electronic Payments
LMS is a full-cycle solution, meaning it assists with every key step from loan closing to final payment. Our automated electronic payment tool ensures that funds are disbursed quickly and securely.
LMS Project for Title Agents
Achieve Better Cash Flow and Total Disbursement Transparency With LMS Project
Contractors are typically paid for work performed, which often means paying subcontractor and supplier invoices up front before they receive their payments from the property owner. If a construction loan or disbursement agent is involved, this can further delay contractor payment, inevitably leading to contractors financing their customers' projects.
LMS Project breaks this cycle by creating a better construction project experience for lenders, contractors, title agents, and clients.
With LMS Project, invoice payments to subcontractors and suppliers come from a continually replenished project fund, never out of the general contractor's pocket. The general contractor no longer needs to juggle invoice balances or delay payments to subs and suppliers, and they earn their payments as each invoice is approved for a project. This incentivizes payments instead of discouraging them, which incentivizes progress!
Explore LMS Project and streamline the way you manage construction funding.
Funding Protection
LMS Project ensures that lien releases are received and approved before payments are released. It also ensures that payments are available to contractors as soon as they submit release documents. By making lien release collection simple for all parties, LMS Project protects banks’ funding while promoting efficiency for construction teams.
Real-Time Disbursements Monitoring
Track the status of disbursements in real time. Our automated online invoice process links directly to the project budget so that all parties obtain a clear view of expenditures and remaining funds. Providing visibility into the disbursement process is critical for compliance and efficiency.
More Efficient Loan Disbursement Process
Disbursement delays create friction between contractors, clients, and lenders. With the LMS Project, your bank can expedite electronic payments and reduce delays. With the help of our network of banking partners, the LMS Project initiates electronic payments within 24 hours of receiving lien releases. This means no more waiting around for paper checks.
Spending Transparency
LMS Project provides your financial institution with clear and detailed reports on every aspect of loan disbursements. You can easily export ledger reports, track payments, and maintain compliance with 1099 reporting requirements.
Improving transparency also enhances your institution’s reputation among contractors and construction professionals, which can position you as a preferred lender for construction loans. This can expand your lead pipeline and generate more business for your bank.
LMS Project for Banks
Simple Budget Tracking
LMS Project provides easy to use tools to create a project budget and the required project funding. Our automated online invoicing process ties directly back to the budget to ensure that project participants have real time access to spending and project progress. Change order management ensures that project additions are identified and properly funded when they occur, and that everyone is paid for the work performed.
Online Lien Release Collection
LMS project not only ensures that lien releases are collected BEFORE payments are released, but also makes sure that payments are available to contractors immediately upon submission of their release documents. With online signatures and automatic document preparation, we make lien release collection and tracking completely painless for general contractors, lenders, and title agents alike!
Automated Draw Requests
Our online budgeting and invoice assignment system allows contractors, lenders, and property owners to process construction draws in just a few clicks of a mouse! We simplify todays construction draw process by providing all participants with a single unified view of project spending which enables automatic, online creation and submission of draw requests.
Fast Electronic Payments
Online payment of invoices eliminates the need for the processing of paper checks. With the help of our banking partners, we initiate electronic payments of invoices in as quickly as 24 hours after lien releases are submitted to the project. This eliminates the time-consuming process of mailing checks for disbursement agents.
Online Invoicing
Our system includes easy to use invoicing tools that allow contractors to submit invoices to a project immediately after work is performed. Whether it’s at a computer, in front of their billing system, or on the road from their mobile phone, LMS Project provides simple tools to help contractors submit and track invoices throughout a project’s lifecycle.
Simplified Paperwork
Not only can we initiate payments quickly via eChecks and checks for same day payments, we also ensure that the necessary documentation is available to you for routine tax filings and insurance audits. With an automatic W-9 collection tool, 1099 reporting, and insurance certificate submission, we take the legwork out of the necessary document collection and management necessary to pay subcontractors.
The Cash Flow Solution
The Cash Flow Solution
Contractors are typically paid for work performed, which often means paying subcontractor and supplier invoices up front before they receive their payments from the property owner. If there’s a construction loan or disbursement agent involved, this can further delay contractor payment, which inevitably leads to contractors financing their customers' projects.
With LMS Project, invoice payments to subcontractors and suppliers come from a continually replenished project fund, and never out of the general contractor’s pocket. The general contractor no longer needs to juggle invoice balances, or delay payments to subs and suppliers, and also earns their payments as each invoice is approved on a project. This incentivizes payments instead of discouraging them, which incentivizes progress!
Positive Cash Flow
With the LMS Project, you’ll benefit from faster and more reliable payouts. Payments to suppliers and subcontractors are made from a continually replenished project fund. You’ll no longer have to juggle invoices from multiple subcontractors or disrupt your cash flow for months. Instead, you can focus on completing the project and delivering exceptional client results.
LMS Project also eliminates the need to send out paper checks. Once you submit lien release forms for each phase of the project, our platform will initiate the payment process. Generally, we can initiate electronic payments within 24 hours.
Minimal Paperwork for Construction Payouts
Traditional invoicing processes require you to jump through hoops to get paid. LMS Project simplifies this process via our digital platform. You can avoid cumbersome paperwork via our fully digital and automated loan disbursement process. Our platform allows you to submit invoices, track approvals, and receive funds easily.
Automated Lien Releases
Lien release collection is built into LMS Project. Our customizable workflows comply with lending requirements while accelerating the disbursement process. Get paid for the work you do without waiting weeks to receive a check in the mail.
Online Budget Tracking
Going over budget can hurt your cash flow and cut into your profit margins. It can also strain your relationship with clients and banks. Use LMS Project to precisely track every dollar spent and ensure that all costs are transparent and within approved limits. These tools help you simplify financial planning and maximize profitability.