Cost control


Mandated by the lending institution, GLT+ will confirm the opportunity in financing the proposed project and recommend, during construction, the progress draws necessary for the settlement/payment of work within respect of the administrative, judicial and financial requirements defined in the financing offer. Acting as the controller/advisor for the promoter, GLT+ ensures the project is completed and the loan rendered without risk.

 

In order to maintain the clarity of the accounting data essential to the efficient control of expense commitments, global construction costs and cash flow, GLT+ asks that a general accounting and banking account be dedicated to the project. These dispositions, as well as the physical verification of the progress of work on site, enable the precise control of the accounting data as well as the confirmation of the presence of initial contractual funds, in the monthly recommendation report issued to the lender.

 

The following are a few of the control elements offered by GLT+:

 

Loan management assistance

 

A)    Budgetary evolution

B)    In situ validation of progress of work

C)    Cash flow

D)    Verification of the availability of the contingency reserve

E)    Verification of available funds for completion of the project

 

Sales / rentals monitoring

 

A)    Establishment of a sales and/or rental report alongside the client, lender and notary

 

Validation of denunciations and waivers

 

A)    Control of denunciations and waivers pertaining to progress payments

 

Monitoring of construction liens

 

A)    Verification, directly with Registre foncier du Québec, of the presence of construction liens on the cadastral lot subject to financing

B)    Financial fall back provisions in agreement with the lender