Upon issuance of a building permit and commencement of construction, we will perform periodic job site visits to make observations of progress made and the extent of construction completed as of that date. Progress photographs will accompany a written field report along with a copy of the contractor/developer’s approved application for payment. Retainage will also be reviewed and monitored in accordance with the terms and conditions of the loan agreement and/or construction contract.
During these reviews we will comment on the general quality of materials and workmanship, stored materials, any information or action required and general status of the construction schedule. In addition, lien waivers are typically obtained and change orders reviewed prior to making any recommendations for advancing funds.
