Draw inspections are a major part of the construction lending process. But why? What is the importance of draw inspections?
Mitigate Risks
Draw inspections help to mitigate risks inherent to construction lenders through regular on-site inspections with experienced draw inspectors who become the eyes and ears for the lender on the job site.
In the construction industry, draw inspections are a best practice used by most lenders to validate progress in conjunction with disbursing funds. This allows the construction lender to follow along with the builder and project owner to ensure the loan proceeds are going into the collateral on the loan, and to identify progress concerns as early as possible.
Keep Projects On Track
In a construction draw inspection, the lender hires a professional inspector to visit the construction site and assess progress. The inspector is looking to show where the project is in relation to the timeline that was set out, checking the accuracy compared to the original draw request, and reviewing the budget.
A good inspector makes everybody’s job easier by:
- Allowing the lender to know where the project is compared to the timeline they were given.
- Ensuring the builder that they are receiving payment for work completed so that they have the funds to continue on to the next phase of construction.
- Aid in the smooth and timely completion of the project for the project owner.
McSteen Can Help
With 50+ years of experience in the construction industry across all 88 counties in Ohio, McSteen understands the importance of draw inspections and is well-equipped to tackle your draw inspection needs.
We get what you need fast to ensure there is no delay in funding a draw.
- Simplified quoting with one statewide price per site visit.
- Professional report by our professional team, including a completed draw schedule and internal and external progress pictures.
- Two-step verification between our in-field inspector and in-office review.
Contact us today for more information or to get started.
