Construction Loan Consultant Expectations

Construction Loan Consultant Expectations

March 14 2020

Monitoring a commercial construction project is a much more comprehensive process than simply “checking the draw”.

Quality Control

  • The construction inspector should always review updates to the project plans located onsite to document any major changes that may create additional costs or impact the value of the project.
  • The building permits should be reviewed to ensure the contractor is passing municipal threshold inspections and is in good standing with the local building department.
  • The inspector should be included on the routing of the third-party testing company to review material test reports and report on any performance measurements not meeting specifications.
  • The inspector should ensure that all stored materials are stocked in locations that are secure from theft and not in danger of being damaged by trades working onsite or by weather conditions.
  • Finally, the inspector should walk the entire site and document any construction concerns that deviate from the plans and specifications or represent shortcomings in the arena of construction best management practices.
  • While these items do not represent a full construction audit, they are measures that add to the overall quality control process for a project, further protect the lender’s interests and can help predict potential future budget shortfalls.

Assessing Contractor Efficiency

  • The construction inspector should evaluate the number of trades and manpower operating onsite to ensure the project is properly staffed for the current stage of construction. This information can be obtained by interviewing the contractor’s field personnel and reviewing manpower reports.
  • The inspector should also determine if the trade groups are being organized in a systematic fashion that promotes not only an efficient sequence of construction, but also project quality.
  • The inspector should also evaluate if materials are being delivered and staged at the site in a condition whereby laborers can access, transport and install them in a timely and efficient manner.

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