How progress draws work
A construction mortgage is advanced in draws. Before each one, the lender asks for an inspection of the site and a report of the percentage of work completed, usually against the plans and the original new construction appraisal.
- Site visit and photos of each stage
- Percentage complete against the plans
- Notes on any changes from the plans
- Final inspection on completion
Who orders progress inspections
Lenders, mortgage brokers and owner-builders order them at each stage of the build. Private lenders and MICs funding construction often rely on them too. The lender’s draw schedule sets when each inspection is needed.
Order progress inspections through AppraisalDesk
Each draw is its own order on the same file, so the lender, broker and owner see every inspection and report in one place. Where possible we assign the same local appraiser who knows the project.
- See the price before you place the order
- Your order is assigned to a qualified local appraiser
- Real-time updates by text and email, and online order tracking
- The borrower can pay online by secure link
- Download the report online and message the appraiser
Frequently asked questions
How many progress inspections will I need?
It depends on the lender’s draw schedule. Three to five draws is common, plus a final inspection.
How much does a progress inspection cost?
Usually less than a full appraisal, since the appraiser reports on work completed rather than a full value. Each file is different, and you see the price before you order.
Does someone need to be on site for a progress inspection?
The appraiser needs safe access to the site and the building. The builder or owner usually arranges it.
What is a final inspection for a construction mortgage?
It confirms the home is complete as planned so the lender can release the last advance.