
For lenders looking for third party draw review and reporting, the modified construction management scope includes:
- BC will conduct a review of the proposed plans and the general contractor agreement with a focus on helping the client understand the documents as well as identify any items of concern.
- Per Draw Construction Monitoring and Observation
- Attend one (1) monthly contractor draw request meeting and provide a funding recommendation – hard cost only.
- Perform physical observations once per month to quantify work in place on the draw request
- Review of the contractor cost breakdown and project documents for the purpose of determining what activities have been completed and should be on a draw request.
- Request and collect lien releases provided by the General Contractor and other billing documentation that may be required by the Lender for the General Contractor but not including subcontractors.
- Provide a simple written memo/report verifying:
- The Project’s approximate percentage of completion and a general description of the construction progress
- Items of concern observed and outstanding major action items
- Provide an overview of percentages completed and remaining cost to complete; discussing items of concern regarding percentages either over or under valued.
- Review the contractor and owner’s Change Order Logs and relay any concerns.
- Provide opinion on the adequacy of the budget and contingency in relation to the ability to complete the project.
- If information is readily available, provide a recap of contingency use to date for both the General Contractor’s and Owner’s contingency funds
- Progress photos (minimal)