When construction financing goes astray, the impact cascades through the entire project, putting your investment at risk.
1. Initial Project Approval
You carefully evaluate and approve financing for a promising construction project, with clear payment schedules and contractor agreements in place.
2. Payment Request Processing
The construction company submits invoices and payment requests, appearing to follow the agreed timeline for subcontractor payments.
3. Fund Release Without Verification
Lacking a reliable way to verify payment destinations, you release funds trusting the construction company’s documentation.
4. The Hidden Crisis
Despite funding being provided, subcontractors report non-payment and begin stopping work, revealing a pattern of payment diversion.
5. Project Default Risk
With work halted and subcontractors unpaid, your construction loan faces default risk and potential legal complications.
The Real Cost to Lenders
Payment fraud creates a devastating ripple effect across construction projects, impacting timelines, costs, and return on investment.
Widespread Vulnerability
30% of construction projects experience payment fraud attempts, making it a systemic risk for lenders.
Extended Project Delays
When contractors stop work due to non-payment, projects face an average 6-month delay before resolution.
Escalating Costs
Payment disputes lead to a 15% increase in project costs through delays, legal fees, and contractor replacement.
Financial Impact
Lenders face millions in potential losses through legal fees, extended project timelines, and increased default risks.
How SYNERP Protects Your Construction Financing
SYNERP creates an unbreakable chain of payment transparency through:
Identity Verification
Every payment request requires MyID and DirectorID verification, ensuring only legitimate contractors can submit invoices
Bank Account Validation
Automated matching of invoice bank accounts with verified contractor details, preventing payment diversion
Payment Authentication
Real-time verification that payment requests come from authorized personnel within verified companies
Build Trust Through Verified Payments
Our triple-verification approach ensures construction financing reaches verified contractors, keeping projects on track and protecting your investment.
