Why Loan Management is Crucial During Covid-19 According to CEO of CFSI Brian Mingham

Brian Mingham
3 min readJul 20, 2020


The COVID-19 pandemic and resulting lock downs have fundamentally changed the way people view their homes, especially as it pertains to their ability to work from home and generally be in their home for extended periods of time.

That in turn, has many people pursuing home remodeling projects that significantly upgrade their homes according to Brian Mingham, the Founder & CEO of CFSI Loan Management. He cites new or improved office spaces, enhanced kitchens to compensate for additional at-home cooking, and improved outdoor spaces for some necessary sunlight and fresh air as being at the top of remodelers’ wish lists right now.

Home remodeling projects are invasive at the best of times, but even more so when you’re largely confined to your home. That makes it even more important than ever to properly vet the contractors that you’ll be sharing your home with for weeks to come, which is where loan management companies can lend a helping hand.

Brian Mingham notes that many homeowners will opt for the cheapest contractors and may not even properly vet their hires by looking into their references, analyzing their past work as it relates to their own needs, and verifying their insurance and licenses, any one of which could be a deal killer.

Benefits of Hiring a Loan Management Company

A loan management company handles all of these concerns and more, performing exhaustive background checks on contractors to ensure they’re capable of operating up to the highest standards that should be demanded of any contractor that will be working inside or outside of your home.

Brian Mingham notes that when homeowners accept low bids from contractors, it’s often because they haven’t taken the time to demand an exacting account of the work that will done and the materials that will be used, right down to the most seemingly innocuous component as they should.

Loan management companies will validate the details and cost of a project’s labor, materials, and quality with a fine-toothed comb, leaving no room for ambiguity or uncertainty about the scope of the project or materials used.

One of the biggest problems homeowners have with contractors is that completion of the work is delayed, sometimes by months. This usually occurs due to the contractor being overbooked, which is another factor that loan management companies will take into consideration.

Lastly, loan management companies will handle the payment process, collecting all of the necessary documentation and making payments only if the work has been completed to the proper standards as opposed to making. That includes verifying through lien waivers that all relevant subcontractors, suppliers, design professionals, etc. involved in your home renovation project have been paid by the contractor.

Brian Mingham, who amassed more than 20 years of experience in the finance industry before founding CFSI Loan Management in 2013, cautions that liens are serious business. In the event someone with lien rights on your home isn’t paid for their services, they could file a mechanic’s lien against your property, which could negatively affect your credit score for years and even prevent you from selling your home until that debt is paid.

Given the home renovation horror stories that are all too common and the added pressure cooker of COVID-19 and home confinement, loan management has never been more necessary.



Brian Mingham

Brian Mingham is Founder & CEO of CFSI Loan Management (CFSI) | Los Angeles, CA | www.brianmingham.com