Application and payment database system for lenders and builders and a method therefor

• US 20020107788A1
• Filed: 02/05/2001
• Published: 08/08/2002
• Est. Priority Date: 02/05/2001
• Status: Abandoned Application

• Current Assignee: Patrick Cunningham Group Incorporated
• Original Assignee: Patrick Cunningham Group Incorporated
• Inventors: Cunningham, Patrick Steven
• Application Number:
  US09/777,353
• Publication Number:
  US 20020107788A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A loan application and payment system for lenders and builders uses the steps of: establishing an electronic database on a host server by a lender; obtaining credit approval by a builder from the lender; sending an account number and a password by the lender to the builder when the builder has been approved for credit; accessing a construction project account in the electronic database by entering the account number and the password; entering and submitting electronically information related to the construction project; determination of approval of construction loan by the lender based on the information related to the construction project; applying for an application for payment if the construction loan is approved; and transferring monetary funds to the builder after application for payment is submitted and approved.

Claims

1. A loan application and payment system for lenders and builders comprising the steps of:

establishing an electronic database on a host server by a lender;

obtaining credit approval by a builder from the lender;

sending an account number and a password by the lender to the builder when the builder has ben approved for credit;

accessing a construction project account in the electronic database by entering the account number and the password;

entering and submitting electronically information related to the construction project;

determination of approval of construction loan by the lender based on the information related to the construction project;

applying for an application for payment if the construction loan is approved; and

transferring monetary funds to the builder after application for payment is submitted and approved.

2. The method of claim 1 wherein the step of accessing a construction project account further comprises the steps of:

accessing a lender application form on the electronic database by the builder;

entering builder information in the lender application by builder;

submitting electronically the builder information to the electronic database; and

sending the account number and password to the builder.

3. The method of claim 2 wherein the step of entering and submitting electronically information related to the construction project further comprises:

entering and electronically submitting a breakdown of cost for the construction project;

entering and submitting ownership information related to the construction project; and

entering and electronically submitting payment instructions.

4. The method of claim 3 wherein the step of entering and electronically submitting a breakdown of cost for the construction project further comprises:

entering and electronically submitting different work items on the construction project;

entering one of budget, subcontractor, supplier, or contract labor for each work item submitted;

entering monetary amounts for each work item submitted; and

submitting electronically data related to each work item.

5. The method of claim 4 further comprising the steps of:

entering and submitting a contingency/change order should the builder want one for the construction project; and

calculating a total cost for the contingency/change order based on guidelines established by the lender.

6. The method of claim 5 wherein the step of applying for an application for payment if the construction loan is approved further comprises the steps of:

entering and electronically submitting a draw amount for each work item; and

submitting electronically an affidavit that all data submitted related to the application for payment is accurate.

7. The method of claim 6 further comprising the steps of:

obtaining properly signed waiver of lien/contractor affidavits from each subcontractor, supplier, or contract labor in the work item that the application for payment is being requested for; and

sending the properly signed waiver of lien/contractor affidavits from each subcontractor, supplier, or contract labor in the work item that the application for payment is being requested for to the lender.