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November 16, 2011

Stay in the Loop With Construction Progress Monitoring

By Terry Dungan

Construction Progress Monitoring Is Crucial for Lenders and Borrowers

…to keep track of the project, save money, and avoid mistakes. When a lender agrees to loan funds for a construction project, they want to know the work is being completed according to the contract agreed by all parties involved, which normally include the Lender, Owner, Borrower, Architect, and General Contractor. Prior to disbursing funds each month most lenders require an inspection of the work to verify the level of completion and compliance with the contract. This practice is referred to as Construction Progress Monitoring (CPM).

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