Commercial Inspection Lender Draw:
A System For Checks And Balances
Commercial construction projects are complex processes that require well-trained professionals to cater to them. Construction loans require a thorough understanding of construction completion risks, and an essential role in ensuring that projects are progressing with the disbursements of funds is by ordering draw inspections. This is essentially how lenders verify checks and balances on their investments, pun intended, again. GreenWorks can provide lender draw services in the same capacity as all the other award-winning inspection services.
We understand that the main goal for all construction projects is to have a smooth flow from beginning to end, but the reality is that things happen and complexities will emerge, and there will always be a need for some control over the extent of the project. Reducing risks for lenders is what a lender draw inspection focuses on. They follow along with the construction to confirm that the loan disbursements are going into the collateral on the loan and to determine any problematic loans as soon as possible.
For example, if construction falls behind due to whatever reason, you might risk disbursing money on work that has yet to be done. The sooner a lender finds out of such occurrences; the quicker corrective actions can take place to get the ball rolling again. Our draw inspectors are necessarily your eyes and ears on the construction site.
Lender Draw Inspections And Inspectors Will:
- Determine if the builder has completed work to what the funds were released for
- Inspectors will visit the site to evaluate progress and compare it to what has been reported
- Track the progress and stage of construction
- Account all cost statements, analyze and track funds
- Review change orders and ensure they’re aligned with the project timeline
- Report on the total materials and services rendered
As a good practice, lenders will typically schedule monthly draw inspections but may be requested as often as they would like. These inspections have been engineered to reduce risks in lending, time-wasting, and collect accurate data in real-time. All with the primary purpose of protecting lenders from lamenting. They are a crucial factor in risk management, and GreenWorks can allow lenders to have peace of mind because superior professionals are scrutinizing their investments.
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