What to Expect at a Construction Site Inspection
Our main objective at QuickDraw Fund Control is to properly disburse and protect the lender’s construction loan proceeds. From a construction loan’s beginning, it is critical that the workflow is executed correctly throughout the process. From cost reviews prior to approval through fund disbursement schedules during construction, QuickDraw helps cover all the details. Concurrently and throughout the construction process, we regularly conduct construction site inspections and provide reports to our lender clients.
The primary goal of a site inspection is to provide a detailed progress report on a subject construction project. Site inspections are performed upon receipt of a draw request. Prior to releasing the fund request is, QuickDraw Fund Control sends a qualified inspector to the construction site. With the Draw Request in hand, we review, inspect, photograph and document what site and building improvements have been completed. This will determine if each line item request properly corresponds with construction progress.
When it comes to construction site inspections, here are some of the key services you can expect to be performed by QuickDraw Fund Control’s team of trained inspectors:
1. In-Person Site Visit.
We are the lender’s eyes and ears and get up close and personal by inspecting the construction site and meeting with the Superintendent to get an understanding of the construction progress for the current period.
2. Detailed Property Checklist.
Every construction project is unique and different. QuickDraw carefully reviews every line item of the projects construction budget. The approved budget and draw request are analyzed at each construction site inspection, in conjunction with our detailed list of items to be inspected and documented on every visit.
3. Comprehensive Property Photographs.
Beyond just reporting progress, QuickDraw Fund Control provides detailed photography to the lender. This provides visual proof of that the work is completed before the draw request is approved and funds are disbursed.
4. Complete Findings Report.
Upon completing the site inspection, QuickDraw’s inspectors prepare a detailed report that is delivered to the lender, as a part of our approved draw package.
These are the key steps QuickDraw Fund Control takes on all construction site inspections. This will provide lenders with progress status updates and the first-hand information they need prior to approving any draw requests throughout the term of the construction loan. For more information about construction site inspections or how QuickDraw Fund Control can help your construction loans run more smoothly, contact us today.