Banking Risk Management Services
At Silverman Inspections LLC, we provide bankers and lenders peace of mind, our inspections help mitigate risk both for the lender and the borrower through interval site inspections which are needed for draws and, compliance projects. We act as the eyes and ears for lending institutions that are prepared to disburse a partial payment of a construction loan for residential and/or commercial buildings. We report on the current condition of a construction site by providing lenders with an accurate snapshot of each building that is under construction or ready for renovation. Site visits will be "general" in nature for the purpose of making an unbiased statement concerning the progress of the work-in-place.
Quite often you or your customers would like an extra level of assurance on "Cost Plus" construction projects. We can assist you with this by providing detailed invoice verification, our staff inspectors have comprehensive knowledge of insurance claim estimates which in most cases involve banks because they hold a shared interest in the property. In this process, we check each line item to determine if the material and labor you have been billed are justified.
Reverse Mortgage Inspections
With the recent increase in demand of Reverse Mortgages and the ever-increasing age of our housing stock also on the increase; many lenders are now requiring an inspection of the property. This is to identify and document items in need of repair and the overall condition of the property. The property must meet HUD/FHA requirements for a habitable residence in order for it to become eligible for a reverse mortgage. Many times an appraiser will also note on the appraisal that items are in need of repair and many are just requiring a complete home inspection. This type of inspection is not as in-depth as a basic home inspection and the associated fees reflect that.
Additional Consulting Services:
If you are purchasing a new building we can provide a comprehensive inspection of the structure. This will assist you in making a more informed decision and will point out aspects of the structure that you may not be aware of not to mention a thorough scope of work (Estimate) so you can properly anticipate all cost before an investment decision is made.
Our online reports include the following:
Detailed description of projects to include loan numbers and or Claim numbers.
Current construction status including comments on each phase and the percentage of completion for draws.
Banking verification of license, insurance or bonding, taxes permits.
Detailed photo reports of phase completion.
General conditions and concerns including quality of workmanship
Change orders which reflect draws or contract agreements.
Purchased or stored materials.
Documentation or photos of machinery or mechanical components to include labels and serial numbers.