As today’s market heats up, and more construction hits the scene, projects often take longer to complete due to the busy schedules of contractors and local government officials. Consequently, loans reach maturity in advance of a project’s true completion date. To assist in monitoring the live progress of a construction project, QuickDraw Fund Control offers expert services in construction progress reporting. We provide lenders with all the information they need to ensure budgeted funds are applied properly and payment requests match the work performed.
The primary tool in construction progress reporting is the construction site inspection. Trained professionals visit a construction site and evaluate the progress by completing a property checklist, evaluating for compliance, and documenting the property through photographs. All of this information is compiled into a progress report that is presented to the lender.
Importantly, tracking the progress of a construction site keeps lenders protected. QuickDraw Fund Control advocates on a lender’s behalf to guarantee work matches payment and prevent any financial hurdles in the construction timeline. Even lenders who manage the fund control process in-house will outsource progress reporting to QuickDraw Fund Control due to our thorough review and expert recommendations. As such, construction progress reporting services are also available a la carte to the lender.
Today we provide construction progress reporting services nationwide. While no state requirements are required to perform fund control service, QuickDraw Fund Control safeguards clients as a licensed fund control firm who employs only licensed contractors.