Why should I register with the Figtree PACE program?
Figtree Registered Contractors gain access to advantageous project financing, financial analysis, sales assistance and marketing resources including public listing in Figtree's online directory of participating contractors. Approval of your application for registration with the program makes you eligible for selection by participating property owners to develop and install qualifying improvements financed through Figtree PACE. Contractors must register with Figtree to work on any project financed through Figtree PACE.Close (X)
How do I become a Figtree Registered Contractor?
Registration to become a Figtree Registered Contractor begins with a brief online application (Apply Online or Download a Printable Application). A valid contractor's license and appropriate insurance are required. Additional qualifications are listed in the application.Close (X)
What kind of support do Figtree Registered Contractors receive?
Figtree supports contractors from project inception through completion with marketing collateral, online tools to estimate financing, detailed project cash flow analysis, sales support and customer service.
Figtree representatives are available to speak to prospective clients about financing details and can schedule webinars/conference calls to review program and/or project qualifications and guidelines. Contractors are encouraged to call our office with any questions regarding the program or potential projects.Close (X)
Is there a cost to become a Figtree Registered Contractor?
There is no application fee to apply to become a Figtree Registered Contractor. A fee of $695 is due to Figtree at the time of funding of each project. The fee is payable by check mailed to Figtree Financing.Close (X)
What kind of project financial analysis does Figtree provide?
For applicable projects, Figtree provides comprehensive project analysis including cash flow analysis factoring in energy savings, the cost of financing, depreciation and tax impact, rebates and incentives, and other relevant variables.Close (X)
Is information about a property owner I share with Figtree shared with other contractors?
No. Figtree follows strict confidentiality, non-disclosure and non-circumvention policies to keep your information secure and exclusive.Close (X)
Is a participating property owner required to get multiple bids for a project?
The program does not require multiple bids.Close (X)
Does Figtree PACE have energy audit or loading order requirements?
No. The program does not require participating property owners to have an energy audit performed on the property. If an audit is included in the scope of work, its cost may be financed with the improvements.Close (X)
Will I get leads from Figtree?
The program is designed to be a sales tool for our contractors, not a lead generator. Property owners may select any participating Figtree Registered Contractor to provide proposals and services. Figtree does not recommend individual contractors to participating property owners; rather, property owners are directed to select a contractor from Figtree’s online directory of Figtree Registered Contractors.Close (X)
What information needs to be included in the bid/proposal I submit to Figtree?
Figtree needs to know the total project cost (engineering, materials and labor) in order to create the property owner's financing package. Any bid/proposal submitted to Figtree should be signed by the contractor and property owner, indicating that the scope of work and cost have been agreed upon. The bid/proposal should be valid for at least 90 days.
When applicable to the improvements, projections of energy savings should be included in the bid/proposal. Figtree will use this information in cash flow analysis which may be required by the property owner or existing mortgage lender.Close (X)
Once my bid/proposal is approved by the property owner and Figtree, can I order materials and install the improvements?
No. Figtree will issue all contractors and the property owner a "Notice to Proceed" when your project is eligible to commence. The "Notice to Proceed" is confirmation that funds are available for disbursement upon satisfactory completion of the project. Purchase, construction, and/or installation of improvements before receiving a "Notice to Proceed" may not be funded.Close (X)
What if additional improvements necessary to complete a project are discovered after the start of a project? Can additional work be funded outside the scope of the originally approved bid?
Any additional costs NOT included in the originally approved bid/proposal will be the responsibility of the property owner. If a property owner did not use the full amount for which he or she was eligible, he or she may submit a new application to Figtree for additional financing.Close (X)
Can contractors make progress draws throughout the course of the project?
Yes. Up to two (2) progress payments may be drawn in addition to the final payment for completed work. Progress draws are subject to a minimum size of $10,000. A processing fee of $495 will apply to each progress draw request. The property owner(s) and contractor will need to provide sufficient proof of purchased and delivered construction materials and completion of improvements as required by the executed Assessment Financing Contract. Payment of progress draws will be based on a schedule approved by Figtree not subject to any prior agreement with the property owner.Close (X)
How does the contractor receive final payment?
Final payment for funded projects will be made directly to the contractor by the program trustee. Figtree will instruct the trustee to release final payment upon receipt of all final forms (e.g. Certificate of Satisfactory Completion, provided by Figtree), completion of all city and/or county inspections and permits and completion of a Figtree final inspection. Contractors can expect payment within 10 business days directly from the trusteeClose (X)
If I am a general contractor, do my sub-contractors have to be Figtree Registered Contractors as well?
Yes. All contractors providing services related to the improvements on a property funded through Figtree PACE must be Figtree Registered Contractors.Close (X)
Why should property owners use Figtree PACE financing when they may be able to obtain a bank loan at a lower interest rate?
Figtree PACE offers numerous practical and financial benefits that are not typically available with bank financing. Figtree PACE financings are property assessments (as compared to a conventional loan) that are secured by assessment liens. Therefore, qualifying for Figtree PACE financing requires no personal credit or guarantee, and the balance is transferable in the event the property is sold. Eligibility for the program is based simply on property value, subject to the mortgage lienholder's acknowledgment if the property is mortgaged. Unlike bank loan terms, which are often limited to 5 or 10 years, Figtree PACE assessments can be as long as 20 years.Close (X)
Once a property owner has applied for financing, how long will it take Figtree to approve the application?
Approval of a property's eligibility is typically granted within 24 hours. Once a property has been determined as eligible for financing, the project cycle typically takes 2 to 6 weeks depending on project development time and obtaining lender consent from existing lien holders. Each Figtree PACE financing is specific to the individual property, so the process may take longer depending upon the project complexity. Figtree will keep the property owner and contractor apprised of milestones in the financing process.Close (X)
With PACE financing, are property owners still eligible for state and utility rebates and tax incentives?
If a rebate or tax incentive is applicable to a participating property owner's chosen improvements, the property owner should apply for it using the method prescribed by the issuing agency. It is the property owner’s responsibility to determine if any rebates or tax incentives are available. Figtree does not assist with applications for such financial benefits but recommends that property owners work with contractors to determine what financial incentives exist. Usually, Figtree Registered Contractors advise property owners on matters related to rebates and incentives, including the application process.EOT ), array( 'title' => 'Once a property owner has applied for financing, how long will it take Figtree to approve the application?', 'content' => <<
What if my customer is interested in applying for Figtree PACE financing but the property is not located in a participating city or county?
The property owner should submit an application to Figtree. Figtree will review the project and contact the city or county to initiate expansion of the Figtree PACE program to that area. Once that city or county adopts the program, Figtree will then contact the property owner and/or contractor informing them that Figtree PACE financing is now available in their area. Property owners will then be required to submit their application fee to begin formal processing.Close (X)
How much is the processing fee for property owners?
A fee of $695 will be added to the total amount of the assessment at the time of closing. An additional $100 charge will apply to each of any additional parcels in connection with the assessment. This fee pays for costs incurred to process the application, including a title report, and documentation fees for recording liens. This fee is included in the total amount of financing.Close (X)