In-Progress Monitoring

Our STANDARD review and compliance tracking for all projects includes:

Hard Cost Draw Processing

  • Confirm Permits at First Draw
  • Re-verify GC License at each Draw
  • Ensure Borrower Signature Approval for Each Draw
  • Compare Draw Request to Budget by Cost Account
  • Ensure Retention 'hold' for applicable Cost Accounts/Items
  • Ensure CompliantInvoices, Proofs of Purchase
  • Ensure Compliant Lien Waivers (Conditional Progress and/or Conditional Final)
  • Process Reallocations and Change Orders Prior to Work
  • Submit draw back up to Lender for Funding Approval
  • Notify Borrower of Funding Approval
  • Provide Post-Draw Reports to Borrower and GC

Soft Cost Budget Maintenance

  • Compare Soft Draw Requests to Budget by Cost Account (including FF&E)
  • Ensure Compliant Invoices and Proofs of Payment
  • Ensure Compliant Lien Waivers (as required)
  • Process Reallocations as Necessary
  • Submit Soft draw back up to Lender for Funding Approval
  • Update Budgets with Periodic Interest Payments & Loan Fees

Site Inspections

  • Maintain and PromptMonthly Inspection Schedule
  • Remind Contractor of upcoming Inspections and Draw Due Dates
  • Conduct Site Inspection for review of work associated with current draw
  • Collect current permits with each inspection
  • Provide comprehensive Inspection Report including photos of project progress

Date Down

  • Collect Recorded Notice of Completion
  • Notify all parties of date down requirements
  • Collect all Unconditional Final Lien Waivers
  • Collect completed and signed Punch List

Due Diligence

  • Maintain complete Audit Trail for all disbursements (request, approval, funding)
  • Maintain record of all communication regarding project
  • Maintain records for all Draws & Back up, Inspections, Reallocations, Change Orders, Preliens
  • Deliver Completed Project Records to Lender at close of project

Our OPTIONAL additional Loan Monitoring Services include:

  • Check Preparation
  • Prepare Payee Checks with Payee Detail Report and forward to authorized signer
  • Forward payee checks to signer with self-addressed/stamped envelope for distribution
  • Overnight Delivery via Courier