Free, comprehensive guide of state laws and requirements designed to help construction lenders mitigate risks
—Includes resources for 16 states; nationwide coverage expected by year end—
SAN LUIS OBISPO, Calif., Sept. 18, 2023 /PRNewswire/ — Land Gorilla, the leading provider of construction loan management software, has launched the Land Gorilla Compliance Library, an online guide designed to help construction lenders navigate statutory requirements in different U.S. states. The Compliance Library debuted with compliance resources in 16 of the most popular U.S. states, including California, Texas, and Florida, with resources for all 50 states expected by the end of the year.
Understanding the complexities of state-specific construction law is essential for construction lenders to protect their interests and mitigate potential risks. However, practices vary widely in different states, and there are no comprehensive resources designed specifically for construction lenders.
Featuring an interactive map, the Land Gorilla Compliance Library lets you access state lien laws, contractor licensing information, title practices, and forms for specific states.
“Having worked with hundreds of construction lenders, we know how challenging it is to mitigate risk at the state level,” says Sean Faries, CEO of Land Gorilla. “Our Land Gorilla Compliance Library is an excellent resource for understanding complex concepts, and we hope that by sharing this information it inspires better outcomes for all stakeholders.”
While free to the public, the Land Gorilla Compliance Library has been designed specifically with residential construction lenders in mind. In its initial launch, the following states have been reviewed by legal professionals as well as the Land Gorilla Compliance Advisory Board and include Alabama, Arizona, California, Texas, Florida, Georgia, Pennsylvania, Utah, Washington, Illinois, Nevada, New York, South Carolina, Oregon, Tennessee, and Colorado. Land Gorilla plans to add Ohio and eight other states to the Compliance Library within the next several weeks, pending review by its Compliance Advisory Board.
Among other information, the Land Gorilla Compliance Library informs lenders of states that require statutory lien waivers, mechanics lien priority over an existing mortgage, or how to find a contractor’s license.
“Awareness has been a blindside to many construction lenders that step outside their own state to make construction loans,” Faries said. “Fortunately, we have amassed an enormous amount of state-level information involving construction lien law, disbursement requirements, and the implications for non-compliance. By sharing this knowledge, we hope to help lenders gain invaluable insights and better manage risks they might not have been aware of.”
In addition to launching the Compliance Library, Land Gorilla will host a series of free, one-hour training webinars on state construction requirements, each focused on a specific state.
The first webinar, Texas Lien Law Overview, will be held Wednesday, September 27 at 11 a.m. PST. The webinar is a must-watch for lenders that currently offer or plan to offer construction loans in one of the nation’s largest housing markets. Spaces will be limited. To register, visit https://fintech.landgorilla.com/webinar-texas-lien-law-overview.
About Land Gorilla
Land Gorilla is the leading provider of construction loan management software, giving financial institutions confidence to make safe, fast and profitable construction loans. Land Gorilla technology reduces the frustrating back and forth between lenders, borrowers, and builders, while giving lenders complete control over draw management and reporting tasks. The proven platform enables faster disbursements and delivers a seamless and frictionless experience for all project stakeholders. For more information, visit www.landgorilla.com.
SOURCE Land Gorilla