TURN KEY PROJECT MANAGEMENT
All phase risk elimination and draw management
Turn-Key Project Management is a full-scale solution that combines our Pre-Close Project Analysis with Draw Management and Funds Control. This is the “Gold Standard” of construction lending controls for lenders who prefer to outsource project management and over-disbursement liability. As part of this service, we provide valuable pre-close insights and remove the day-to day burden of managing the draw process from your team’s plate. We approve and fund all draw requests, and we assume full liability for over-disbursements.
What does Turn-Key Project Management Include?
1. Pre-Close Project Analysis
- Needs Analysis with Lender
Initial meeting to understand lender’s specific project concerns and needs
- Builder Acceptance Validation
Holistic review of builder including credit history, customer reviews, construction competency, licensing, referrals, legal entity, court proceedings and criminal history
- Insurance Validation
Loss payee validation and limits review for surety bond, commercial liability, builders risk insurance
- Construction Cost and Timeline Review
Validation of schedule costs and completion time along with retainage and contingency recommendations
- As Completed Appraisal Value
As completed appraisal based on project plans performed by a licensed appraiser
- Legal Review of Construction Contract
Attorney performed review of the construction contract along with markups and recommendations
- Draw Schedule Normalization
Conversion of builders scheduled cost to AIA or lender’s prefered form
- Permit / Zoning / Ordinance Review
Review of required permits, zoning approvals, and city/county ordinances to ensure against possible violation
- Early Start Site Inspection
Pre-close site inspection to verify construction has not begun prior to closing
- Pre-Close Project Report
Summary report including opinion, recommendations, and identified issues
2. Draw Management
- Builder and Borrower Correspondence
Fielding draw requests and scheduling inspections
- Draw Schedule Maintenance
Updating draw form to include period draw request and funding history
- Initial and Recurring Insurance Validation
Monthly validation of loss payee and required limits for surety bond, commercial liability, builders risk insurance
- Lien Waiver and Invoice / Receipt Collection
Collection and packaging of executed lien waivers and project invoices pertaining to builders’ draw requests
- Down Date & Completion Endorsements
Requests for owner policy endorsements to protect against recorded liens
- Draw Inspections and Reports
Physical inspection of jobsite and reports evidencing work completed and stored material
- Lender Updates
Lender correspondence and project updates at preferred cadence
- Recurring Insurance Validation
Loss payee validation and limits review for surety bond, commercial liability, builders risk insurance
- Web accessible secure file directory
Secure cloud repository available lender to access reports and other pertinent project documentation
3. Funds Control
- Draw Approval / Modification / Rejection
Draw approval or modification following field inspection and document review
- Direct or Joint Check Funding
Funding for draw request directly to contractors, sub-contractors, and/or suppliers
- Funding Reimbursement Reports
Field inspection and funding report for lender’s approval
- Final Draw Reimbursement Package
All pertinent inspection and draw documentation for lender review before final reimbursement