Development Command Center 16 items
Construction Loan Closeout Review Checklist
A closeout checklist for lenders and borrowers to confirm all conditions are satisfied before final construction loan disbursement and conversion to permanent financing.
AIA G704ALTAAIA G702
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Completion Verification
- Is a certificate of substantial completion (AIA G704) on file? *
- Has the certificate of occupancy (or temporary CO) been issued? *
- Is the architect's final certificate for payment issued? *
- Has a final lender/inspecting engineer site inspection confirmed completion? *
Lien & Payment Closeout
- Are final unconditional lien waivers collected from the GC and all subcontractors/suppliers? *
- Is a final sworn contractor's affidavit of payment provided? *
- Is retainage release documented and included in the final draw? *
- Are all approved change orders reconciled in the final application for payment? *
Title & Legal
- Is a date-down title endorsement obtained showing no intervening liens? *
- Is an as-built/final ALTA survey provided if required? *
- Are any mechanic's liens released or bonded over? *
- Are required legal opinions and organizational documents current? *
Conversion & Documentation
- Are conditions precedent to permanent loan conversion (debt yield/DSCR/occupancy) satisfied? *
- Are as-built plans, warranties, and O&M manuals delivered? *
- Is updated insurance (property/permanent) evidence on file? *
- Final disbursement approval
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