Transcript:
What are draw inspections?
In draw inspections, the lender hires a professional inspector to visit the construction site and assess progress
- To show where the project is in relation to the timeline that was set out
- Check the accuracy compared to the original draw request
- Review the budget
How do draw inspections keep construction projects on track?
Draw inspections follow along with the builder to ensure the loan proceeds are going into the collateral on the loan, and to identify potential project delays or issues as early as possible.
- Mitigate risks inherent to lenders through regular on-site inspections
- Show where the project is compared to the timeline they were given
- Ensure the builder that they are receiving payment for work completed
- Aid in the smooth and timely completion of the project for the project owner
What happens if an issue is found with the draw inspection?
If a draw inspector notices discrepancies between the request and their on-site observations, they can reach out to the project manager and work towards ironing out these issues before the builder proceeds to the next stage.
What can a contractor do to reduce the need for revisions?
An accurate request avoids delays in fund dispersals and ensures that builders get paid in a timely manner.
- Plan ahead
- Work with the inspector instead of against them
- Avoid overbilling
- Be upfront with any delays or issues
- Keep a line of open communication with the inspector and lender
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