The financial oversight of a construction project can be a time-consuming and highly administrative process, requiring ongoing review of cost consultant reports, monitoring covenant compliance, managing funding processes, and maintaining stakeholder relationships.
Stonebridge offers construction monitoring services to streamline the construction monitoring process for our Clients and stakeholders that comprise:
- Verifying compliance to credit documentation for loan advances, drawdown of escrowed funds and the conversion of the construction loan facility to a term debt
- Collecting and reviewing all certificates, reports and documentation required under the credit documentation
- Identifying any construction budget variances and overruns during construction, and recommend appropriate action to stakeholders to ensure resources are available to complete the project
- Issuing to institutional investors a construction monitoring report containing a cost to complete summary analysis, escrow funding reconciliation, and funding documentation with recommendation
- Managing and monitoring the activity of construction escrow proceeds, if applicable
- Conducting periodic site visits
The advantages for our Clients, include:
- A singular source for managing communication with institutional investors
- A centralized source for managing communications and resolving any issues with stakeholders
To learn more, we invite you to contact us.