Commercial or Residential
A draw inspection, also referred to as a construction draw inspection, involves a qualified inspector or engineer assessing the progress of a construction project. It aims to verify that the completed work aligns with the funds requested by the builder or contractor. Draw inspections are typically conducted on behalf of lenders or financial institutions providing construction loans.
During a draw inspection, the inspector visits the construction site to evaluate completed work and compare it to predetermined milestones outlined in the construction loan agreement. The purpose is to ensure proper use of disbursed funds and verify that the project is progressing as planned.
Inspectors examine various aspects of construction, including task completion, code compliance, work quality, adherence to approved plans, and site conditions. They also identify potential issues or risks that may impact the project’s timeline or cost.
Draw inspections primarily benefit lenders or financial institutions. These inspections help mitigate risks associated with construction loans by monitoring project progress and fund utilization. They safeguard the lender’s investment and provide an objective assessment of the construction’s status.
Additionally, draw inspections benefit builders, contractors, and property owners by promoting transparency, quality control, and accountability. By offering an independent evaluation, draw inspections help ensure a smooth construction process for all parties involved.