Construction Site Inspections
What is a construction site inspection?
Before a construction loan draw can be approved, the site must be inspected. A construction site inspection documents the project’s progress and affirms that the subject property is being developed in accordance with the loan documents governing the lender-borrower relationship. Therefore, the site inspection phase is an important and integral part of the fund control process.
QuickDraw Fund Control’s highly trained site inspectors investigate and report on the progress of a construction project. This process includes in-depth photo documentation and interviews, which demonstrate that the agreed-upon site and building improvements are being executed properly and according to the construction schedule.
How often does a fund control company inspect a construction site?
Fund control site inspections typically occur monthly during the construction build cycle. Site inspections take place after a draw request is received. A Quick Draw inspector travels to the site and conducts an inspection that involves checking for accuracy of the draw request, assessing the condition of the job site and evaluating the project’s stage of completion. Photographs are taken to document progress and issues, if any. If an inspector identifies a concern, they will communicate with the construction site’s manager to gather additional information and report accordingly.
The information is assembled into a site inspection report, which is provided to the lender. This report supports the draw request and will identify any variances that exceed tolerance.
Diary of a Construction Site Inspection
- Visit the Site. QuickDraw Fund Control is the lender’s eyes and ears at the construction site. Rather than working from a distance, inspectors visit, interview the site manager and walk the project site to gain in-person perspective on its progress.
- Complete Property Checklist. Each construction project has unique conditions. QuickDraw Fund Control utilizes the approved loan budget combined with the borrowers draw request to accurately calculate a project’s percent complete, from the beginning to the completion of the project’s build cycle.
- Photograph the Property. QuickDraw Fund Control delivers transparency in every report. Photographs of the property provide a real-time, in-person perspective for the lender, allowing them to view progress.
- Report to Lender on All Findings. After completing the above list of actions, QuickDraw Fund Control creates and delivers a comprehensive report to the lender for their review and loan file. The QuickDraw Fund Control team strives to keep the lender and borrower informed with current and accurate reporting, acting as a trusted partner throughout the process.
QuickDraw Fund Control’s construction site inspection reports provide a thorough and transparent assessment of construction site progress and any obstacles that may impact the project. As such, they are critical sources of information to lenders when they are disbursing construction loan proceeds.
Many lenders that manage the fund control process in-house choose to outsource their site inspections to QuickDraw Fund Control. Its construction site inspection services are also available a la carte.
As a reliable provider of fund control site inspections and reports, QuickDraw Fund Control helps borrowers and lenders maintain a relationship based on trust and transparency while acting in the best interests of both parties.