SVPA Architects is an Iowa leader when it comes to providing Construction Commercial Loan Monitoring services for a large variety of lenders. We continually strengthen our relationships with many financial institutions in Iowa and throughout the country by diligently monitoring construction projects.
With our monitoring services, we will customize the monthly process and services to help facilitate the payment process between contractor and lender in a timely manner, while mitigating the lenders risk through our construction monitoring services. This includes:
- Construction Document review before the loan process is complete to compare a schedule of values to the actual project scope.
- Provide payment application draw field observation services based upon an approved Schedule of Values each month.
- Review Payment Applications for accuracy and compare to the actual percentage of construction completed.
- Notify lender of any discrepancies between values billed and values completed.
- Visit the construction site to perform monthly progress field observations before the 25th of each month.
- Keep records of all field observations and furnish field observation reports to lender on a monthly basis once the payment application is received and reviewed. A final field observation report documenting all records will be submitted at the successful conclusion of the project.
- Provide monthly photos of construction progress, including such items as exterior progress, interior progress, site improvements, materials stored on site and other images deemed prudent.
- Graph estimated construction progress with percentage billed to the overall assumed schedule while comparing completed work to the construction schedule.