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"The bank is at greatest risk
between...
...demolition and notice of completion."
Services Provided:
Pre-Construction - Project
Planning Phase:
Project & Contract Review
·
During this phase CFCS will review the construction
contract and contractor to verify the appropriateness of the agreement and the
viability of the contractor. The construction plans will also be reviewed
(if available).
Construction Phase:
On Site Building Inspections
·
We provide on-site building
inspections each month, verifying the percentage of work completed and that all
billed materials are secured on site and/or installed. For each
payment application initiated by the contractor and approved by
the owner, we schedule an appointment, perform an on-site inspection and issue an
inspection
report to the lender and owner. Our report documents project
progress, including costs by line item and is accompanied by detailed digital
photographs.
Funds Disbursement
·
Once the lender funds the payment
request, we then issue payments directly to all subcontractors and material
suppliers.
Lien Release Collection
·
Throughout the course of the
project, we will collect conditional and unconditional lien releases, as
well as monitor any "pre-lien" filings to ensure a lien free project. This
process is meticulously maintained throughout the construction phase until
retention has been paid out.
Project Status Worksheet
·
We issue project status reports to all
parties after each draw documenting expenditures of all hard and soft
costs including funds and percent disbursed per line item.
Post-Project Completion Phase:
Completion/Closing
·
Once the construction has ended,
lien free endorsements received and final retention paid out, a complete set of
records documenting the financial and construction history for each project will
be delivered to the lender.
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