Property Inspection Services for Private Lenders
This page has a list of companies that provide property inspection services for private money and hard money lenders throughout the United States.Loading...
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Property Inspections for Private Lenders
Most inspection companies focus on providing services for loans that include a construction budget – either ground-up, light renovations, or major rehabs. However, many offer a basic inspection for standard purchase or refinance bridge loans.
What Services Do Property Inspection Companies Offer?
Inspection companies offer a variety of services for investment real estate renovation and group-up construction projects, including:
- Budget Review
- Builder Information Review
- Construction Bid Assessment
- Document Retrieval and Research
- REO Asset Management
- Feasibility Analysis
- Property Survey
Property inspection isn’t as simple as it sounds. It’s not only about visiting the house and seeing how things are going. One has to take care of every aspect that can have an impact on the construction or renovation process.
Private and hard money lenders have to make sure their borrowers have hired the best people for the job so that there’s no risk of failure.
In addition to this, they must make sure the project meets all the requirements. Hence, most private lenders also look for the following services:
- Catastrophic Disaster Area Inspection
- Disaster Inspection
- Cell Phone Tower Inspection
- Drive-by Inspection
- Merchant Site Inspection
- Occupancy Inspection
- Property Preservation
- Insurance Services
- Physical Site Inspection
Some private mortgage lenders also like to keep an eye on funds and prevent further disbursements until previous targets have been met.
The inspection process typically starts before a loan is approved. Private lenders look at the property and run a cost estimate to ensure the loan can cover the job.
Why Private Lenders Require Property Inspections
Private & hard money lenders need to make sure their funds are being used in the right manner.
Inspections play a big role in short-term loans that include construction or renovation.
When a lender funds the construction costs, they do so in phases and hire a 3rd party inspection company to visit the property to make sure all the work was done before releasing the next batch/draw.
Private lenders have a financial interest in the construction of the project they’ve funded. They want projects to get completed in a timely manner and without any defects to ensure the borrower can pay off the loan with a sale or refinance.
Even if a borrower is funding the renovations with their own cash, private/hard money lenders still typically require inspections, especially when the loan amount is based on the after-repair value.
Since construction and renovation projects can go on for months, it can be hard for lenders to assign resources to a single project as they have to manage many loans.
This is why it is common for lenders to partner with companies that offer inspection services.
At PrivateLenderLink.com, we strive to help lenders discover some great property inspection companies that serve the private mortgage industry. Scroll up and view each company’s profile, then visit their websites to learn more, and contact them directly.