Project: Residential Community
Client: A national bank represented by Friedlander, Misler
Location: Virginia
Assignment Project Completion Assessment
Scope:
• Determine the status of construction of single-family homes in residential development
• Determine the status of completion of bonded public improvements
• Provide estimate for completion of unfinished bonded improvements
Key Facts:
• Bank issued Letter of Credit in favor of governing authorities to secure performance by builder
• Builder stopped all construction, presumably due to drop in residential housing demand
• Bank is concerned about its exposure for unfinished bonded improvements
