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.
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.
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.