Construction Monitoring

The timely and 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, Corrections or Relocations
    • 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 for compliance to Plans and Specifications
  • A full written Report of our findings including:
    • Observations of our Site Visits
    • Discussion the items noted above
    • Extensive, documentary photographs of the Site and Buildings fromĀ our visit.
    • Copies sent to Owner, Contractor, other lenders on interested parties
 

Guarding the interests of Real Estate Lenders since 1985, with Integrity and Professionalism.