With over 30 years of real estate development oversight experience IPS assists lenders and investors by evaluating projects or existing properties conducting project observations to ensure compliance and develop solutions to maximize performance all while ensuring the fiduciary responsibilities are met for our clients.
IPS performs an analysis and review of the design, construction and governmental requirements of the project. We analyze the project budget, including the contractor’s construction cost breakdown or architect’s cost estimates, as well as project schedules, to determine if the project is within market value for the project size, scope and location. We provide both an initial review and final report on deficiencies with recommendations for corrective actions.
CONTRACTOR QUALIFICATION REVIEW
IPS examines the proposed contractor’s financial capacity, past experience, licensing, insurance and bonding, past litigation record and customer/vendor references to determine the contractor’s ability to perform the proposed work. We report our findings to the lender or investor and recommend payment processing procedures.
SITE INSPECTION AND APPLICATION for PAYMENT REVIEW
IPS performs reviews of the monthly draw requests submitted by the contractor, including progress inspections and contractor schedule updates as well as comprehensive documentation review and collection of applicable lien waivers. We submit a complete report to the lender/investor including the current completion schedule, review of the current payment application and noted concerns that could impact the project, and photographic documentation with our recommendations on processing .
IPS reviews final project close-out documentation including: The Architect’s Certificate of Substantial Completion, recorded Notice of Completion, permanent Certificate of Occupancy, punch list completion, final lien waiver reconciliation and appropriate title policy endorsement to ensure that the project is complete prior to release of final funding.