|
In Serving the greater Charlotte area our responsibilities include:
Initial 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.
VALUE ADDED:
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.
VALUE ADDED:
Enables the lender to monitor the status of collateral creation and prevents over-funding.
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.
Property Condition Assessments
OVERVIEW PCA
A brief description of the property's major elements and an opinion of the general condition of those elements.
ITEMIZED PCA
Scrutinizes most of the property elements and a significant sampling of interior spaces. Report includes an opinion regarding the useful life of the property elements
VALUE ADDED:
Reports on the property’s existing conditions to assist in evaluating the feasibility of the anticipated use.
Owner Representation/General Consulting Consultant serves as a vital link between the lender/ owner and the contractor, performing services as determined by the customer.
May include:
- Attending owner/ contractor meetings
- Evaluating change orders
- Site visits to monitor progress
- Contractor management
- And other general consulting services
VALUE ADDED:
Particularly useful on complex and/or “problem” projects.
Critical Needs Assessment A “PCA” that also contains a listing of repairs and replacements that are estimated to be immediately needed and the cost associated with those repairs and replacements.
VALUE ADDED: Allows lender/ owner to schedule funds accordingly based on imminent repairs/ replacements.
Reserve Schedules Derived from “PCA” and “CNA” reports.
Includes a spreadsheet that projects the time and quantity of repair 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
100% HUD REAC Compliance Inspections Derived from “PCA” and “CNA” reports.
Includes a spreadsheet that projects the time and quantity of repair 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
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. 
Project Administration
- Site review with broker
- Hiring of Civil Engineer
- Hiring of Architect
- Review Contract
- Review of work
- Review of specifications
- Contractor Negotiation or Select Bid Process
- Award Contract
- Review Schedule
- Prepare Bank package for Lender
- Owner Agent during Construction
- Review pay applications and percentage complete
- Decorating and Furniture acquisition
- Site finish work including curb and gutter, asphalt, parking lot stripping, landscaping
Commercial Acquisitions
- Coordinate outside inspections on existing structure
- Phase I environmental
- Infrared Electrical
- Radon
- HVAC
- Security System
- Building
- Plumbing
- Back flow preventer
- Review Contract documents and Covenants, Conditions, and Restrictions
- Site analysis including storm drainage
|
