System and method for extending automatically secured credit to building project owners and to building contractors for purchasing building supplies from building supply wholesalers

摘要

A system and method for extending automatically secured credit to building project owners and to building contractors for the purpose of purchasing building supplies from building supply wholesalers provides building contractors, owners, and materialmen with a more secure, less risky means of financing materials purchases for building projects. A contractor enters into a contractual agreement with a third-party lender to purchase supplies on credit from a building supply wholesaler. The building supply wholesaler also contracts with the lender to have the lender manage their sales on account to contractors approved by the lender. In exchange for lender's promises to extend credit upon approval to contractors it approves and to pay approved contractors' accounts with the building supply wholesaler, both the contractor and the wholesaler assign their rights to record and enforce mechanics' liens relating to the building supplies to the lender. The system and method may employ the use of digital signature and notary technologies as well as electronic recording of liens.