CONSTRUCTION LOAN MONITORING

Bomi’s Construction Loan Monitoring provides risk management for the lender. Although the lender’s vetting process for borrowers and their projects is extensive, that’s only the beginning. 

Our mission is to systematically oversee the disbursement of the loan throughout the project. 

Common Construction Loan Risks

  • Lender overfunds the project

  • Borrower misappropriates funds

  • Construction process encounters setbacks that delay the project 

  • Lack of project oversight by the lender

    Why Construction Loan Monitoring?   

  • Determine if the Borrower’s plan is viable (review the project documents, budget and schedule for accuracy)

  • Setup reporting requirements to be submitted by the borrower with each draw request

    • Detailed schedule of values
    • Invoices from contractors & suppliers

    • Stored materials

    • Updated schedule

    • Change orders

    • Proof of payment to contractors & suppliers (lien waivers)

    • Proof of current insurance

    • Jobsite photos for current period

  • Review draw request package in conjunction with current project status and schedule to verify alignment with completed work

  • Attend project meetings to identify and forecast signs of trouble

  • Bomi will consistently provide detailed updates to the lender on project status and advise for release of appropriate funding

Miami-Dade            Broward          Palm Beach