Loan Monitoring

A lender needs to remain cautious to minimize the risk involved in providing construction financing. At Cardinal, we know first hand that the complexity, risk and expense of today’s construction market demands expertise. Our experienced staff are career long construction professionals who know the process, know the potential pitfalls, and most importantly we know how to avoid costly mistakes.

Our loan monitoring services include the following:

Project and Cost Review - Includes an independent analysis of the total cost of the project, including soft costs, to make sure that the financing is adequate, a review of the project schedule and design documents and a review of the proposed construction loan agreement

Contractor Review - A review of the contractor’s financial standing, bonding capacity, safety modification rating, workforce, and past performance.

Progress Monitoring - Periodic site visits to review construction progress and document the progress through site visit reports and progress photos.

Review of Draw Requests - Review loan disbursement requests for financial accuracy and concurrence with actual construction progress documented.

Change Order Control - Review of change order requests for validity and coordination with the project budget.

Close-Out Coordination - Monitoring of close-out procedures for conformance to contract requirements, receipt and validity of lien waivers and completeness and receipt of close-out deliverables.