What are Draw Inspections?
Commonly confused with phase inspections or HUD or 203K inspections, draw inspections, also known as progress inspections or completion evaluations, verify the advancement of a construction project whether it be residential or commercial for lenders. By cross-checking draw inspection reports against those of a contractor, banks can protect their investments.
For example, when an inspector finishes a draw inspection, their report helps confirm that the contractor completed their work before the bank disperses funds or draws.
An SMR draw inspections, will detail the:
amount of work completed for each project line item,
percentage of necessary materials on site, and
evidence of observations via photos and reports.