- Products & Services
- Knowledge Base
Their goal is to protect the bank and owner from being overdrawn on the loan. If you work with them, they'll work with you.
YUCAIPA, CA, November 02, 2020 /24-7PressRelease/ -- Dawn Killough, author of "Green Building Design 101" and construction writer for one of the building industry's largest content resources, Levelset, recently asked QuickDraw Fund Control Relationship Manager Steve Board to lend his expertise to her blog entitled, "What is a Construction Draw Inspection?".
Board has more than 35 years of experience fostering customer relationships with an array of noteworthy brands, including Google, Cisco, AT&T, Ricoh, Wells Fargo, Bank of the West and IBM. He brings corporate management strategies, thought leadership and a comprehensive understanding of the construction industry to the QuickDraw team.
Killough first defined what a construction draw inspection is: a site inspection that is conducted, most often after a pay application is submitted to the lender, in order to verify that the amount requested on the draw matches the work that has been completed.
She next described what a contractor should expect from the process, recommending that the site superintendent should be ready to engage with the inspector to answer questions and provide access to the site so the inspector can take photographs, evaluate work in progress, estimate the project's stage of completion and assess the site's security.
Killough then turned to Board and asked him to shed light on what contractors, especially GCs, can do to ensure that the inspection process goes smoothly and everyone is paid on time.
Board's first recommendation is to avoid overbilling. "If a contractor overbills, it will be discovered at the inspection, and the draw will need to be revised. This delays the documentation process and slows down payment. It's best to submit draw requests only for the work that's been completed or will be completed at the end of the billing period."
He went on to advise that contractors lend support to inspectors, seeing them as allies rather than adversaries. "They aren't there to challenge every draw," he says. "Their goal is to protect the bank and owner from being overdrawn on the loan. If you work with them, they'll work with you."
Finally, he emphasized that working cooperatively means being honest. "Everyone should be upfront about any delays or issues on the project, so everyone involved knows what's going on."
As a third-party fund disbursement manager, QuickDraw maintains the highest standards of accuracy and efficiency, while nurturing collaboration and communication between the parties it serves. Access the full article here: https://www.levelset.com/blog/construction-draw-inspection/.
About QuickDraw Fund Control
QuickDraw Fund Control acts as the intermediary between lenders and contractor/builder borrowers during the construction process to make the fund disbursement process a positive experience for all. In addition to Fund Control, the company provides an array of related services, including: Construction Site Inspection, Cost Review, Loan Portfolio Analysis, Photo Documentation and Custom Reporting. Learn more at: https://www.quickdrawfundcontrol.com.
# # #