DESIGN DEVELOPMENT

Charles Driver, Owner
(209) 712-8103 Ca Lic#588147

WHAT IS A 203k CONSULTANT AND WHY YOU SHOULD HIRE US

What does a 203k Consultant do?

The 203(k) consultant is someone who has been designated by a HUD field office for the purpose of completing the Work Write-Up/Cost Estimate and the required architectural exhibits for the borrower.

To be designated, the consultant has met the experience requirements for HUD approval and has been trained in the Work Write-Up format of the 203(k) program. By using an approved consultant, there is no need for a Plan Reviewer to check the Work Write-Up.

Below is an outline of how a consultant can help  you with a successful project.

I. Site Visit:

§  Consultant meets with the borrower at the site.

§  A general examination of the work to be done determines if the project is feasible.

§  If feasible, Client signs Consultant Agreement and pays Consultant a retainer fee.

II. Consultant prepares a detailed Report which contains:

§  Clear, concise project specifications

§  Construction cost analysis

§  HUD required draw request forms

§  Preparation of contractor bid packages

§  Preparation of lender packages

III. Consultant delivers the Report Package:

§  Borrower

§  Lender

§  Contractor

IV. Selection of a Contractor by the Borrower:

§  The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.

V. Loan Closes:

§  Repair funds are placed in escrow.

§  Remodeling begins.

VI. Consultant Performs Draw Request Inspections:

§  1st Draw – Consultant insures permits were issued.

§  2nd and 3rd Draw – Draw request inspections are performed as work progresses.

§  4th Draw – A punch list is established.

§  5th Draw – The project is closed out and warranties and lien releases collected.

CONTACT US TODAY TO HIRE DESIGN DEVELOPMENT AS YOUR 203k CONSULTANT AND GET THE JOB DONE RIGHT

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