In serving both the North and South Carolina areas, our responsibilities include:
Plan and Cost Review: A review of the construction plans, specifications, contract, budget and other related documents to evaluate the thoroughness of a borrower’s preparation prior to loan closing, or construction.
Reduces the bank’s risk in terms of contract terms, budget thoroughness and adequacy, etc.
Draw Request Verification: In- field verification of requests for payment ensuring that adequate collateral is in place to support the funds requested.
Enables the lender to monitor the status of collateral creation and prevents over-funding.
Itemized Property Condition Assessment:
Analyze the improvements located on a parcel of commercial real- estate. Report includes an opinion regarding the useful life and remaining useful life of the property elements. PCA reports are done to ASTM E2018 standard.
Reports on the property’s existing conditions to assist in evaluating the feasibility of the anticipated use.
Status Report: Status or “progress” reports are performed independent from a funding request.
Value Added: Informs the lender of a project’s status at any given time, whether previously monitored or not.
Insurance Funding Reconstruction Monitoring : Managing “proof of loss” requests related to insurance funds dedicated to collateral restoration held by lenders.
Value Added: Insurance funds and the corresponding construction budgets are monitored to reduce overruns and supplemental claims.
Reserve Schedules: Derived from Property Condition Assessments and Critical Needs Assessments reports. Includes a spreadsheet that projects the time and quantity of repairs along with replacement of the property’s elements. These costs are calculated annually as reserves to be held in anticipation of need. The term is variable and can be any length of time desired (5, 10, 15 or more years).
Value Added: Allows lender/owner to schedule funds accordingly based on long-term repairs/replacements.
Owner Representation/General Consulting: Consultant serves as a vital link between the lender/ owner and the contractor, performing services as determined by the customer.
- Attending owner/ contractor meetings
- Evaluating change orders
- Site visits to monitor progress
- Contractor management
- Other general contracting services