QuickDraw Fund Control’s Construction Site Inspection Process
The site inspection phase is an important part of the fund control process. Before a draw can be approved, the construction site must be inspected. A construction site inspection involves making sure progress is moving along according to the signed service agreement governing the lender-borrower relationship.
What Happens During a Construction Site Inspection
During every construction site inspection, the QuickDraw Fund Control team follows a property checklist that is used to provide an in-depth report for the lender. An inspection involves checking for accuracy of the draw request, ensuring progress is going according to budget and inspecting any stored materials on site. Photographs are also taken to document progress and issues, if any.
During a construction site inspection, a Certified HUD Inspector will check to make sure all of the required work has been completed for the current phase of the project. An inspection will check to see if all materials have been used according to plan. An inspection will also take a look at potential issues, such as poor quality work, and communicate with the construction site’s manager to make the necessary adjustments.
The completed report is shared with managers of the construction site before being submitted to the lender. The QuickDraw Fund Control team strives to keep the lender and borrower on the same page and acts as a trusted partner throughout the process. Investors may also receive a copy of the completed report.
Issues that a Construction Site Inspection Helps Prevent
Lenders rely on QuickDraw Fund Control for a thorough and transparent report of construction site progress, delays or difficulties. A construction site inspection helps prevent releasing funds ahead of schedule, misappropriating funds and incurring the costs of miscommunication between lender and borrower. Instead, a construction site inspection helps borrowers and lenders maintain a relationship based on trust and transparency, with QuickDraw Fund Control acting as an invaluable partner working in the best interests of both parties.