Services
The proper flow of funds to cover the costs of construction is critical to the health of a project. Construction Monitoring Services are typically performed monthly and include the following:
- Visit to the Construction Site by a Trained Professional
- Review and Analysis of each Payment Application
- Computer Analysis of the Contractor’s G702/3 Continuation Sheet for:
- Budget Revisions or Corrections
- Change Orders
- Adequate Funds to Complete the Work
- Calculation and Transcription Errors
- Percentage of Completion of each item
- Retainage Errors, Releases, or Revisions
- Stored Materials (on and off site)
- Proper Funding Credits to Subcontractors and Suppliers
- Coordination of Funding among Bank, Owner and Contractor
- Required Signatures and Approvals
- Review and Analysis of Lien Waivers and Releases
- Tracking and Proper Documentation of Stored Materials (on and off site)
- Comparison of Work to Required Progress Schedule to:
- Confirm Target and Completion Dates
- Review of Bar Chart, Pert Chart, CPM Schedules
- Track any potential or actual Liquidated Damages
- Review and Analysis of Change Orders for:
- Analysis of affect on Loan Collateral
- Confirmation of Change Order Scope and Costs
- Required Signatures and Approvals
- Proper inclusion into the Contracts and Budgets
- Materials Testing Reports for:
- Proper approvals of material adherence to Specified Quality
- Notification and Tracking of low quality materials
- Notification of Contaminated Materials brought from off site.
- Comparison of Work to Plans and Specifications
- A full written Report of our findings including:
- Observations of our Site Visits
- Discussion the items noted above
- Photographs of the Site and Buildings during our visit.
- Copies sent to Owner, Contractor, Permanent Lender or other interested parties
Guarding the interests of Real Estate Lenders since 1985, with Integrity and Professionalism.