A construction draw inspection is a type of construction loan monitoring service, typically performed for lenders to assist in determining the appropriate release of funds. The draw inspection is designed to reduce risk and give peace of mind regarding the accuracy of the draw request, construction phase completion, on-site material inventory, and assurance the construction work is consistent with the plans and specifications.
There are many people and entities that leverage the draw inspection details. For example, the construction loan lender utilizes the report as input to the approve the funds disbursement. The construction project manager validates their records and the investors are likely to want to keep up with the progress of the project.
As a licensed inspector with the New Residential Structure designation, I provide residential construction draw inspections services to banks, private equity investors, and individual project owners. During the construction process, I will review the draw requests, meet with the contractor or his/her representative, inspect the job site and attend progress meetings, making it easy to track the development of your projects and catch and resolve problems early in the building process.
My goal is to offer timely and accurate reports which can reduce a lender’s liability to over disburse funds relevant to the current status of the construction, installed equipment, stored materials, and work quality.
Even from the on-set of the project, I can significantly reduce the risk of underfunding the project by conducting an upfront Plan Review. This comprehensive review leverages industry data for material and labor costs based on plan take-off analyses. As a result, you will have a cost breakdown that can validate both the budget assumptions and contractor estimates while ensuring the loan/budget is sufficient to cover the items outlined in the plans and specifications.
As a licensed professional and trusted risk mitigation company, you can count on Biller and Associates to be there to keep an eye on your next construction loan. Contact Biller and Associates today to schedule a construction draw appointment in Fairfax County.