Homeowners are an integral part of the lending agreement between Greenlock and the insurance restoration contractors to whom we lend money. We only fund a contractor’s project with prior approval from the homeowner. We also keep in touch with you and your contractor throughout the entire process to ensure the project continues to move toward completion in a timely manner.
How it Works
After you have agreed to work with a contractor for your insurance restoration project, the contractor comes to Greenlock to apply for a project-based loan. After successfully completing Greenlock’s detailed pre-approval and underwriting process, your contractor will receive an initial payment to begin work on your project.
As work progresses, your contractor is eligible to receive progress payments from Greenlock. We will send out a representative to check on your contractor’s progress, and with your approval, we will release an advance to your contractor. Payment will not be processed until you approve the draw.
When you receive a check from your insurance company for the repair work, you will then forward the money to Greenlock to repay the cash advances received by your contractor during the course of the project.
Benefits of Working with a Contractor Who Is Receiving Funding from Greenlock
- Greenlock has thoroughly vetted every contractor who receives a loan from us—giving you an extra layer of protection
- Your project will be handled in an expedient manner, without the typical delays caused by the lengthy insurance payment system. Projects financed through our process are completed about 40% faster, since contractors have the much-need capital to advance the home repair process.
Frequency Asked Questions
Why is my contractor taking out a loan to complete my home restoration project?
Insurance companies can take months to pay on insurance claims. This means your contractor typically wouldn’t get paid until well after the project has been completed. A loan from Greenlock gives your contracting company the capital they need to keep your project moving forward. With the funds from Greenlock, your contractor can purchase supplies and pay his employees and subcontractors in a timely manner.
How does Greenlock determine if a contractor is eligible for a loan?
Contractors go through a thorough financial and background check before they are approved for one of our project-based loans. We conduct an analysis of their business and personal finances, ensure that all of the proper business licenses and insurance requirements are in place, and make sure their corporate reputation is in good standing. Every contractor we fund is financially stable and has a proven track record of experience in the industry.
How does the Greenlock loan to my contractor get paid back?
Your contractor’s Greenlock loan is paid back once you receive the payout from your insurance company and you forward the check to Greenlock.
What is required of me, the homeowner, in the lending process?
There are only a couple of things required of you:
- Include the financing component in your contract with your contractor. (We will help you with this.)
- Give your approval for Greenlock to release progress payments to your contractor.
- Send the money from your insurance payout to Greenlock.
I have more questions. Who do I contact?
You can always contact Greenlock directly with any questions you may have.
Am I liable for the monies advanced to my contractor?
No. The home owner is not responsible for payment, they are only responsible for sending payments to Greenlock.