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SECONDARY MARKET INVESTOR DILIGENCE

CASUALTY LOSS INSPECTION'S

CONSTRUCTION PROGRESS INSPECTIONS

QUALIFICATIONS
 

NEWSLETTER
 

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Typically, the Lender will tender the Project Plans and the initial Construction Cost Breakdown to RESG soon after the loan is recorded.  The Construction Cost Breakdown will be in spreadsheet format (Excel, or similar software), for the project and segregated into various funding components (i.e. Land, Soft Costs, Hard Costs - Land Development, Hard Cost - Improvement Construction, Financing, etc.).  Subsequent Funding Request (aka "Draw Requests") will be submitted to RESG by the Lender in the same format, with cumulative subtotals, throughout the duration of the building process.  RESG will rely on the accuracy of the Lender's initial Project Plans and Construction Cost Breakdown, and subsequent Lender approved adjustments (Change Oders) thereto.  RESG will rely on the Borrower and Contractor(s) for all construction compliance with the approved Project Construction Documents    The Lender and the Borrower will administer the funding of all Project disbursements pursuant to the Loan Agreement between the Parties.

Our Construction Progress Inspections will focus on, and be limited to, the on-site verification of the actual construction progress on-site by the Borrower as follows;

     °     The Inspector will estimate the actual Construction Progress Ratio (Percentage Completion Ratio) of the Hard Costs - Land Development and Hard Cost - Improvement Construction on the inspection date.   The Inspector's Percentage Completion Ratio is an overall estimate of the construction work in-place on the inspection date.   The quality of all construction materials, construction tasks, and the compliance of the construction work with the approved Project Construction Documents are the sole responsibility of Borrower.

     °     The Inspector will note the funding of significant construction materials stored on-site on the inspection date, if any.

     °     The Inspector will note the funding of any known construction materials stored off-site on the inspection date, if any.

    °      The Inspector will note the funding of any known deposits to material suppliers, or subcontractors on the inspection date, if any.   

The above Project Funding Spreadsheet along with its estimated  Percentage Completion  Ratio, pertinent project notations and Inspection Progress Photo Exhibits  will be forwarded, via email, to the Lender within 24 hours of the on-site inspection.