Construction Owner's Representative
CFO Construction Solutions provides a dynamic array of services to companies immersed in the construction experience.
Scenario: A company seeking office space decides on new construction. Company executive management has little or no experience in dealing with contractors or construction professionals. More importantly, they do not have the time capacity to effectively take on this commitment while still performing their regular duties.
Recent project:
American College of Chest Physicians
Glenview, IL
You need a Construction Owner’s Rep and that’s where we come in.
Our high-level financial expertise combined with significant construction experience provides unique and valuable resources that go beyond the traditional Construction/Management relationship. We facilitate the actions which would be performed by the company’s management team so they can instead remain focused on their normal job requirements.
Construction Owner’s Representative
Typical duties performed in this role are:
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- Review contracts with construction company, architect and title company.
- Communicate concerns to client and client’s attorney.
- Negotiate changes with client’s prior approval, in order to finalize the contract documents
for execution between client and applicable parties. - Review all loan documents, identifying all requirements and covenants, and provide all required
documentation to the bank prior to the execution of the loan agreements. Create reports of items required by bank both prior to execution, and subsequent through the life of the loan. - Create forecasts on required cash flow based upon preliminary construction schedule.
- Create schedules to track contract status to communicate to client management and bank on a monthly basis. (The schedules communicate both construction lending requirements, as well as budget vs actual for management.)
- Attend all scope review meetings between construction company and prospective sub-contractors on behalf of the client.
- Attend bi-weekly site meetings on behalf of client.
- Prepare monthly draw request and prepare/gather all required lien waiver to present to title company for payment.
- Track status and coordinate client approval/rejection of any changes to the original contracted scope of work.
- Assist in coordination of other construction/move related activities, including: purchase vs. lease of new phone system, IT system move and equipment upgrade/ redundancy elimination, equipment & office furniture purchase for new building.
Scenario
A company seeking office space decides on new construction. Company executive management has little or no experience in dealing with contractors or construction professionals. More importantly, they do not have the time capacity to effectively take on this commitment while still performing their regular duties.
You need a Construction Owner’s Rep and that’s where we come in.
A company seeking office space decides on new construction. Company executive management has little or no experience in dealing with contractors or construction professionals. More importantly, they do not have the time capacity to effectively take on this commitment while still performing their regular duties.