System for acquiring building material and completing a building improvement project

• US 20100280869A1
• Filed: 07/02/2010
• Published: 11/04/2010
• Est. Priority Date: 02/07/2002
• Status: Abandoned Application

• Current Assignee: Atlas44 LLC
• Original Assignee: Atlas44 LLC
• Inventors: Nielsen, James A.
• Application Number:
  US12/803,690
• Publication Number:
  US 20100280869A1
• Time in Patent Office: Days
• US Class Current: 705/8
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system is provided to acquire building supplies and use the building supplies in a renovation project. The system includes a transaction control system, a delivery confirmation apparatus to confirm delivery of building supplies, and the acquisition by a lender of first lien rights and vendor lien rights as a mechanism to sell securitized bonds to fund lending for a building renovation project.

Claims

1. A system to acquire building supplies and use the building supplies in a renovation project, comprising the steps of

(a) providing a transaction control system to record and monitor transactions occurring during the renovation project;

(b) providing delivery confirmation apparatus to

(i)sense and identify building material,

(ii) sense a location of building material,

(iii) identify a date on which building material is at the location, and

(iv) generate for the transaction control system confirmation data identifying building material, the location of the building material, and the date on which building material is at the location;

(c) selecting an existing building structure for a renovation;

(d) selecting a delivery site at a selected location to receive building material for the renovation;

(e) selecting a lender of a construction loan for the renovation of the building structure;

(f) securing for the lender a first lien position on the building structure when the construction loan is less than the fair market value of the building structure;

(g) selecting a supplier of building materials;

(h) securing from the supplier for the lender the supplier'"'"'s lien rights with respect to building materials delivered to the site for the renovation of the building structure;

(i) obtaining identification data for the supplier as an approved vendor;

(j) entering the identification data for the supplier in the transaction control system to create an account for the supplier;

(k) securing from the lender for the supplier an agreement for the lender for a fee to guarantee payment to the suppler within a selected contract period for building material purchased from the supplier and delivered by the supplier to the delivery site;

(l) obtaining from the lender for the renovation of the building structure a construction loan in the form of a credit line in an amount less than the fair market value of the building;

(m) purchasing with said credit line selected building material at a selected purchase price for the renovation project from the supplier for delivery within a selected time period;

(n) entering said purchase price in the transaction control system in the supplier'"'"'s account;

(o) delivering the selected building material to the delivery site;

(p) utilizing said delivery confirmation apparatus to

(i) confirm the identity and location of said selected building material at the delivery site,

(iii) identify the date on which said selected building material is located at the delivery site, and

(iii) generate confirmation data for the transaction control system;

(q) loading said confirmation data into the transaction control system;

(r) making a payment to the supplier with funds from the lender within the selected contract period of said purchase price less a fee to the lender;

(s) entering said payment to the supplier in the transaction control system in the supplier'"'"'s account;

(t) utilizing said selected building material for the renovation of the building structure.