Our entire focus is to ensure that the project's objectives are realized by assessing and managing construction phases, costs, and the risks involved, while protecting the construction lender's position throughout the process.
|
|
 |
 Since 1973, IVI has provided Project Management Oversight (PMO) services on behalf of construction, mezzanine, and permanent lenders. We offer our clients more than 40 years of diversified, “hands-on” construction experience. We have successfully monitored the largest construction loans ever issued in the US. While many assignments have had direct cost budgets in excess of $1 Billion USD, such as Wynn Las Vegas and the AOL/Time Warner Center at Columbus Circle in Manhattan, many of our community service and small loan assignments have direct cost budgets under $2 Million.
Throughout our history, we have weathered the impact of three real estate recessions. Today, we apply the lessons learned to our assignments. Many loan officers may not have been practicing when the prime hit 21% in 1981 or when the bottom fell-out in 1990. But, we were. At IVI, we appreciate the value of keeping the mortgagee knowledgeably apprised of a project’s status and in preventing unwanted surprises.
 Our services are typically provided in three phases and are tailored to our client’s risk position, budget, borrower relationship, and other constraints. Our typical service package, which can be customized, consists of:
Pre-construction Phase
• Review of drawings and specifications
• Review of regulatory and entitlement documents
• Analysis of direct cost budget for line item appropriateness
• Analysis of contingency budget
• Review of agreements: design, construction, and building loan
• Review of construction and disbursement schedules
• Opining on bonding or Sub-guard insurance requirements
• Preparation of a Construction
• Feasibility/Project Analysis Report
 Construction Phase
• Periodic site visits to monitor compliance with the contract documents
• Tracking of construction and disbursement schedules
• Ongoing review of buyout status and letting of subcontracts
• Change order analysis
• Tracking percentage of work-in-place and funds available to complete the project
• Review of contractor’s payment requisition
• Review of partial waivers-of-liens
• Review of testing reports
• Photographic documentation of progress
• Preparation of site visit reports
Close-out Phase Reviews
• Designers’ Certificates-of-Compliance
• Final payment waivers
• Contractors’ Certificates-of-Completion
• Temporary and permanent Certificates of Occupancy
|
