LENDER’S INDEPENDENT ENGINEER
Winston Consultants Inc. provides services as Lender’s Independent Engineer for lending institutions including banks, equity investors, and other financial companies. In this capacity WCI provides technical support for clients to assess and monitor the progress and quality of construction projects being financed.
WCI’s primary role as Lender's Independent Engineer is to provide an objective and unbiased evaluation of the construction project being financed. Winston Consultants assesses the project's technical feasibility, cost, and schedule, as well as the quality of the work performed by the contractors and subcontractors. WCI will also review the project's plans, specifications, and contracts to ensure compliance with industry standards and regulations.
As a Lender's Independent Engineer, WCI serves as a liaison between the lender and the project owner, providing regular updates on the progress of the project and alerting the lender to any potential issues or risks that may affect the project's completion. Winston Consultants also reviews contractor pay applications and makes recommendations to the lender regarding project funding, including recommending release of funds based on construction progress and specific project milestones being achieved.
Winston Consultants’ role as the Lender's Independent Engineer is to provide an impartial and expert evaluation of the construction project, helping the lender to manage risk and ensure that project funding is aligned with the progress of work, and that funds are available to ensure that the project is completed successfully.
Among the services that Winston Consultants provides as a Lender’s Independent Engineer are the following:
Visit the Project site at regular intervals to inspect the quality and progress of construction
Inspect and report on the physical status and quality of the work implemented on the site
Review contractor pay applications and certify appropriateness of billed amounts in relationship to the progress of work
Review and report on the status of municipal inspections and approvals
Review and report on any perceived safety concerns on the project site
Verify that the progress of work is in line with planned construction timelines
Review the drawdown schedule for the planned project activity
Review contractor pay applications in relationship to the total project budget and advise as to the anticipated cost to complete and adequacy of available funds to complete the project
Review and verify lien waivers provided by contractor and subcontractors
Review change orders and analyze impact on overall project cost