Construction Loan Monitoring
At Moran Construction Consultants, our drive lets us put our clients first, no matter what service we provide. Thanks to our 50+ years of experience spanning projects and clientele across the United States, we know that we can provide a high-quality job. But what is “construction loan monitoring?” Discover more and see if we can help you.
Defining Construction Loan Monitoring
At Moran, we focus on client satisfaction. And we show this with our quality services. The purpose of Construction Loan Monitoring is to help protect banks, lenders, and other financial institutions from the risks in construction lending. Of course, there’s always a risk when it comes to loans, but construction lending offers unique risks that may cause some hesitation.
Our Construction Loan Monitoring services consist of a Document and Cost Review, site inspections and reporting every month, and a final closeout report—all with emphasis on project cost, time, quality, and conformance of finished work. Our team works closely with project teams throughout the construction process to gather documentation. With this, we’re able to gain a clear understanding of issues as they arise in order to facilitate fast and easy resolutions and ensure successful project completions.
But how do we complete these Document and Cost Reviews? This service consists of in-depth analysis of project documentation inclusive of design and construction contracts, project team qualifications, drawings, specifications, surveys, budgets, schedules, governing authority approvals, specialty engineer reports—among other relevant documents. Thanks to our large project database, we’re able to complete accurate comparisons in regards to project cost, time, and project team experience based on geographic region and specific project type. All of these aspects can change how the project is going to turn out.
On the other hand, site inspections are also important to the success of the project. Site inspections are completed monthly with the project team to document work completed on-site, discuss staffing and scheduling issues, target budget issues and potential change orders, go over current applications for payment, revisit monthly project logs, and review testing lab reports and other relevant documentation. Following site inspections, we provide monthly reports documenting the site visit and providing an in-depth review of monthly documentation. Payment application packages are reviewed for percentage completion, percentage billed, amounts requested, amounts recommended for funding, change orders, adequacy of remaining funds, and backup documentation such as lien waivers and off-site stored materials documentation. But we do all of this while working with project teams to resolve identified issues to the greatest extent possible prior to the issuance of reports in order to minimize follow-up discussions.
Moran Construction Consultants Are Here To Help
Your project needs a team that knows how to do the job right. Thankfully, Moran Construction Consultants are here to help with your project. If you need our help, feel free to contact our team at our Baton Rouge office. You can reach us either online or by phone at 225-256-0019. We look forward to your call and can’t wait to begin working with you and your team.