Draw/Phase Inspections
What is a draw or phase inspection?
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When the lender hires an inspector to visit a construction site and assess construction progress, that is a draw inspection. The inspector is looking to show where the project is in relation to the timeline set out, checking the accuracy compared to the original draw request, and reviewing the budget. They’re also likely to look at stored materials on the site.
A draw inspection is important for several reasons, but it ensures that all money on a construction loan is accounted for.
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It lets the lender know where the project is compared to their timeline. Most risk mitigation companies insist on funds being given out based on the results of these draw inspections because they want to ensure that there’s no more money tied up than is necessary for the project.
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Draw inspections can also help track funds because the inspector has to account for every cost request and compare it to the on-site representation.
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Inspections are also important to the builder in ensuring they receive payment for work completed so they have the funds to continue to the next construction phase.
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Above all else, inspections are important for the project owner to ensure smooth and timely completion.
Please call or email us today to book your draw inspection.