The following scope of service is required when advance of loan proceeds is conditioned upon completion of pre-defined stages of vertical construction of individual residential homes.

Plan Review

Plan Review requirements will vary from one loan to another due to the repetitive nature of financing (same Borrower, same Plans & Specifications). For house construction using unfamiliar plans, the Inspection Consultant will perform a brief review to confirm completeness, code compliance, conformity to industry standards and estimated costs. For subsequent repeat use of the same set of Plans, the Inspection Consultant should ensure that there are no substantive changes that would impact completion, occupancy or estimated costs.

Staged Layout

The approved maximum funding amount for each residential unit will be allocated among 5 or 7 staged categories. The Inspection Consultant will evaluate the integrity of the costs allocated to each stage based on the total estimated costs of completion.

Frequency of Review

The consultant will be requested to visit the project when the borrower has submitted a request for progress payment, up to twice in a calendar month.

Reporting Format

The Inspection Consultant should provide a Residential Inspection Certificate for each site visit and attach a current photograph reflecting the work in progress for each lot.