What's our role?

My role is to inspect the property and provide a detailed report on the scope of work. I'm here to ensure that the contractor isn't overcharging or undercharging the borrower. I give a very detailed report with the breakdown of material and labor cost. A quick project timeline below:

- Inspect the property: Report takes 5 business days.

- Borrower receives report: Review SOR, discuss possible changes, send BOR to GC's.

- BOR is filled out by GC's: Borrower selects best BOR and sends back to consultant

- Review: Consultant looks over BOR, after all adjustments have been made a BOR is finalized

- Final Package: Once a decision has been finalized the final package is sent out for signatures

- Project: Each renovation loan has a maximum of 5 draw inspections included. Draw inspection are performed to see the amount of work that has been completed, and ready for a pay out.

- Completion: When the project has been completed it is ready for an exit draw.

I'm sure you have a couple questions about certain things I've mentioned above, so here is a quick lesson if you will. Get your notepad and pen ready!

SOR ( Specification of Repairs )

My report gives a breakdown on all work whether mandatory, recommended, or desired to be done. It will give locations, quantities, and allowances of repairs. Allowances will discussed to ensure the most accurate material cost. Keep in mind, with all renovation loans there will be a 10%-15& contingency reserve set aside. It is set aside for possible repairs that weren't visible at time of initial inspection.

BOR ( Bid on Repairs )

When you receive the SOR you will also receive a blank BOR, which will have all verbiage and allowances listed but no other material or labor cost. This BOR you will give to 2-3 GC's that will BID out the project. They'll send it back to you with their numbers and you'll decide who you'd like to work with. Once you've selected a GC, send me their BOR so I can compare it to my SOR. Their numbers should be around the same ballpark as mine. If their numbers are extremely lower or higher than mine we have a problem. There will be a lot of emails and phone calls throughout this whole process, it's normal. Don't worry, everything will work out.