CMC has expertise and specializes in representing banks and private lending institutions that provide construction financing. For these clients CMC will:
Prior to the loan...
Reviewing the construction schedule to evaluate feasibility and risk to the lender.
- Reviewing the plans and specifications with regards to the quality of the documents and evaluate the risk to the lender associated with potentially incomplete plans and specifications.
- Formulate cost estimates
- After completing the cost estimate and reviewing plans and specifications and other relevant material, CMC will prepare a written evaluation of the lender’s risk associated with these issues and professional opinion indicating, among other matters, that the construction budget is sufficient to cover the scope of work contemplated.
After funding the loan and ongoing during construction..
For each pay request or loan advance:
- CMC will certify that the funds requested actually represents work completed or materials supplied to the Project
- Confirm that the cost to complete does not exceed the undisbursed loan funds
- Verify that work is being done in accordance with the plans and specifications and within the approved time schedule
- Provide recommendations for cutting back the amounts requested by the contractor where shortfalls, overbillings, or problems are evident
- As change orders or unforeseen conditions arise, document the changes, evaluate extra costs, and verify that the added scope of work has been completed according to the contract documents
- Audit the contractor’s cost data and subcontractor payments to determine actual costs and payments including estimating costs to complete if discrepancies are evident
- Review lien waivers