Draws, or releases of portions of the loan proceeds for a project under construction, usually occur upon completion of a pre-designated stage (i.e., pouring of the foundation, framing, etc.) or periodically (once a month).
Upon completion of a certain stage, the contractor will submit a draw request to the lender for review and approval. MNSPECT inspectors, on behalf of the lender, will verify work that is to have been completed and by whom, to make certain the loan remains “in balance,” no mechanic’s liens have been filed, and work is progressing on schedule.
MNSPECT professionals will represent banks’ interest through the verification process. MNSPECT will provide Commercial and Residential Draw Inspections.
- MNSPECT inspection professionals are specially trained in construction inspections.
- MNSPECT inspection professionals will represent the lender’s interest.
- MNSPECT draw inspections verify work is complete and on schedule.
- MNSPECT inspections ensure compliance with the codes, ensuring safe community buildings.
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