LENDER INSPECTION SERVICES

 

In today’s tight credit environment, securing financing takes time, preparation, and clear communication. Rarely does a lending institution have a staff with the experience and expertise necessary to evaluate all stages of a development (due diligence, design, permitting and construction) to ensure a project is being completed on budget, time and to specifications. At CORE, our years of construction-related work experience, lends us sthe ability to work closely with the entire development team; lender, owners, designers and contractors, to meet the unique needs of each lending institution providing the critical facts financial officers need throughout all phases of a development.

 

CORE will customize services to fulfill your individual needs. Considered the “lite” version to our Program Management and Reporting services, CORE’s years of experience providing construction services to assist financial institutions with projects of any size. We will create an individual plan to satisfy all requirements needed in a thoughtful and timely manner.

 

When the right team is involved lenders perceive less risk. CORE’s work starts before construction even begins reviewing all constructions plans, specifications, contracts, schedules, licenses, zoning, permits, and the budget. We offer line item verification and provide comprehensive invoice verification throughout the entire construction process.

MONTHLY SITE INSPECTION AND PAYMENT APPLICATION REVIEW

CORE’s passion is ensuring you, our client’s, success through monthly site visits. With our customized reporting system we will provide details on the status of the project, quality of workmanship, and adherence to budget and schedules.

Our goal is to continue to provide timely data and to proactively mitigate any risk in an effort to safeguard the lender and from any possible costly mistakes, schedule delays and legal battles.

Site Inspection Checklist

  • Project completion dates updated
  • Change orders reviewed
  • Cost vs Budget comparison reports
  • Payment recommendations
  • Safety checks
  • Progress photos
  • Monthly inspection report provided to lender and our client

CLOSE-OUT REVIEW AND TAKEOUT FINANCING AUDIT

To ensure your project is completed prior to the release of final funding, CORE will review final project close-out documentation including:

  • Architect’s Certificate of Substantial Completion
  • Recorded Notice of Completion
  • Permanent Certificate of Occupancy
  • Punch list completion
  • Final lien waiver reconciliation
  • Appropriate title policy endorsements
  • Final pay application reviews
  • Property management hand over