How Inspection Reports Help Construction Lenders
When lenders issue a Construction Loan, how do they know that their money is being used for its intended purpose? Though it happens infrequently, and it is illegal, proceeds can be used for other purposes. This is where working with a fund control company is beneficial. QuickDraw Fund Control strives to ensure that our lenders are protected. This is why construction photo documentation is so important; it ensures that construction funds are disbursed for work already performed.
QuickDraw Fund Control adheres to strict guidelines when inspecting a construction site.
1. First, we start with a Site Inspection. Quick Draw Fund Control functions as the lender’s eyes and ears on a construction site.
2. Prior to any fund disbursement, we complete a thorough project checklist. Based on requirements set by the Lender at the beginning of the project, our trained inspectors assess the progress of the project.
3. During this time, we complete construction photo documentation. Photographs provide the lender with a great way to evaluate the validity of a draw request.
4. Based on our evaluation of the site, we provide the lender with a detailed report.
When it comes to releasing funds, Lenders find that the information provided by QuickDraw Fund Control is optimal. Even Lenders that manage all of their fund control in-house outsource their construction site inspections and construction photo documentation to Quick Draw Fund Control because our reports are thorough, accurate and informative.
If you are a Lender and have questions about Fund Control, Construction Photo Documentation, or Site Inspections, we can be of service to you. Our knowledgeable team of general contractors, CPAs, and construction professionals boasts 60 years of combined experience. Contact us today to find out more information about our Inspection Reports and Fund Control processes.