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CONSTRUCTION LOAN MONITORING & DUE DILIGENCE

We're your eyes.

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Property Condition Reports

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An assessment of all observable site and building components, thus helping to determine both the current condition of all components and categorize future capital improvement estimates into critical, immediate, short-term, and long-term estimations. At your request, this report can be written in accordance with ASTM, HUD Mark to Market, Freddie Mac, or other specific guidelines.

  • Site work (topography, storm water drainage, access, egress, paving, curbing, parking, flatwork, landscaping, recreational facilities)

  • Utilities (water, electricity, natural gas, sanitary sewer, storm sewer, special utility systems, on-site generation)

  • Structural Frame and Building Envelope (foundation, building frame, facades, parapets, water penetration issues, windows, skylights)

  • Roofing (material, condition, drainage, flashing, coping, issues)

  • Plumbing (age, piping supply, drain/waste/vent, domestic water production, fixtures)

  • HVAC (heating plant, fuel sources, storage tanks, pumps, distribution systems, controls, rooftop units, issues)

  • Electric System (building power, fixtures, emergency power, emergency fixtures, fire alarm, GFCI, issues)

  • Elevators – (number of cabs, controls, equipment)

  • Fire Safety (system types, smoke detection, alarm)

  • Apartment and common area interiors (finishes, conditions, issues)

  • Handicapped accessibility

Review of Plans and Specifications

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Prepared prior to the start of new construction or renovation, this report is based upon a visit to the site(s) and includes a comprehensive review of all available plans, direct cost construction breakdown, specifications, building department applications/permits, scopes of work, technical reports, project contracts. Initial site visits and our technical reports are designed to help identify any issues that should be considered prior to closing.

  • Project Scope and Key Issues

  • Site Comments

  • Architectural Comments

  • Structural Comments

  • Building Systems Comments

  • Other Issues Affecting the Construction

  • Specifications Comments

  • Construction Schedule

  • Budget Review

  • Evaluation of Contracts

Site Observation Reports

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Generally issued monthly, this report includes a complete site and building observation with a focus on a monthly requisition to the lender. It includes the project data, site conditions, site safety, funding recommendation, change orders, contingency funding, retainage, potential delays/overruns, quality of construction, permits, violations, and schedule/estimated completion.

 

We visit the site in conjunction with Applications for Payment or as directed by the Bank to review the progress of the work and report on the following:

  • Progress of the work and whether the payments requested fairly represent the amount of work completed on the project. In addition, review amount shown as necessary to complete the project.

  • Quality of construction and standard of workmanship.

  • Compliance with the approved plans and specifications.

  • Anticipated labor stoppage and material shortages that could adversely affect the completion of the project.

  • Review change orders.