📄️ Introduction
This section provides explanations and examples of documents required for Site Vist Reports reports and monthly requisitions.
📄️ Certificate of Occupancy
Prior to release of final funding, an unconditional certificate of occupancy / compliance must be presented. If a conditional certificate is provided, a mutually agreeable hold-back and schedule to complete work must be furnished.
📄️ Certificate of Substantial Completion
A certificate of substantial completion signed by the architect, owner and contractor must be submitted prior to the release of retainage and prior to advancing final funding. Should seasonal or deficient work require completion a mutually agreeable hold-back reserve shall be established and attached to the certificate of substantial completetion. In some cases lenders may apply a multiplier to the reserve total.
📄️ Certificate of Surety
If portions of the project are bonded a consent of surety must be presented by the bondholder at project completion.
📄️ Change Order
All Change Orders incorporated into the application for payment must be executed by the owner, contractor, and architect. Change Orders must be sufficiently detailed so cost reasonableness and scope review sanity checks can be performed.
📄️ Final Waivers of Lien
An overall interim Waiver of Lien must be presented with each application for payment. Lien Wavers must be notarized.
📄️ Overall Project Cost Summary (to include all hard and soft costs)
The Developer and/or Contractor must submit a detailed cost breakdown of the proposed work. If multiple buildings or sites are part of the overall project make-up, separate estimates must be furnished. CMC advises that overhead, profit, and general requirement documents be separate.
📄️ PCO Log
a Potential Change Order Log must be presented with each draw request. The log must include all known changes which may have a dollar or time impact. The contractor should make every reasonable attempt to estimate a dollar value for potential work with the understanding that it is merely an estimate and is subject to revision. PCO logs must be dated.
📄️ Project Schedule
A project schedule is a detailed timeline provided by the contractor outlining key construction milestones, including phased unit turnover dates if applicable. The main goal is to monitor progress, ensure timely completion, and align funding disbursements with the project's timeline.
📄️ Stored Materials
Funding of on- and off- site stored materials is loan-specific. The following criteria are generally accepted.