The most common reason that a construction project gets into trouble is an insufficient budget. If a project was not budgeted properly there might not be enough funds to complete the asset. Determining the next steps to take in this situation requires obtaining a “Cost to Complete” budget.
CFSI Loan Management can review an existing construction project and determine the amount of funds needed to complete the asset. The Cost to Complete analysis takes into account substandard work that will need to be replaced/fixed, increases in construction costs since the project was originally bid, and the level of finishes to be used in the final stages of construction. By reviewing the existing budget, the plans/specifications, and obtaining a detailed inspection report, CFSI can give the lender a roadmap on how to finish the project.
CFSI works directly with the General Contractor to obtain all of the documentation needed to complete the analysis. Our high touch approach will allow our clients to obtain the costs to complete the project quickly.