HICAPS, Inc. offers construction loan monitoring and inspection services to construction lenders and equity participants who provide funds to finance construction projects.
Construction loan monitoring and inspection services are typically provided in two distinct phases;
1) a Preconstruction Review and
2) Construction Inspections, which are usually on-site and scheduled at regular intervals.
- Review, examine and critique design documents
- Review project compliance with local zoning requirements, building codes, health codes, etc.
- Prepare independent construction budget and cash flow requirements
- Review environmental audit and title
- Review all contracts and agreements with design professionals, general contractor, subcontractors and major material vendors
- Review insurance and surety bond requirements and forms
- Compile site due diligence reports analyzing availability of public utilities, transportation issues, geo-technical issues and local and governmental or political issues
- Review tenant work letter
- Review and/or prepare owner’s punchlist and close-out requirements
- Funds control and disbursement services
- Review all design addenda and revisions
- Review all change orders
- Conduct regular construction inspections on-site and provide detailed written report on progress to owner with specific recommendations
- Plot actual construction progress versus schedule
- Review monthly applications for payment
- Tabulate subcontractor buyout versus line item budget values, provide overall contract status to lender
- Document progress with project videos and photographs
- Review all soils test, concrete tests and material tests for compliance to specification