Emad Ibrahem
Housing Rehabilitation Consultant

24 West 119th Street, New York, NY 10026
Tel: 718.847.4093 | Mobile: 917.921.2003
Fax: 347.561.4341| emad@203Khudplanner.com

203 (K)

Consulting

Role of Consultant

The 203(k) consultant is someone who has been designated by a HUD field Office for the purpose of completing the Work Write-Up/Cost Estimate and the required architectural exhibits for the borrower.

To be designated, the consultant has met the experience requirements for HUD approval and has been trained in the Work Write-Up format of the 203(k) program. By using an approved consultant, there is no need for a Plan Reviewer to check the Work Write-Up.

We are consultants that are fee panel inspectors who have HUD approval to also act as consultants. Below is an outline of how we guarantee you a successful project.

I. Site Visit

- Consultant meets with the borrower at the site.
- A general examination of the work to be done determines if the project is feasible.
- If feasible, Client signs Consultant Agreement and pays Consultant a $400 retainer fee

II. Consultant prepares a detailed Report which contains:

- Clear, concise project specifications
- Construction cost analysis
- HUD required draw request forms
- Preparation of contractor bid packages
- Preparation of lender packages

III. Consultant delivers the Report Package

- Borrower
- Lender
- Contractor

IV. Selection of a Contractor by the Borrower

- The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.

V. Loan Closes

- Repair funds are placed in escrow.
- Remodeling begins.

VI. Consultant Performs Draw Request Inspections

- 1st Draw - Consultant insures permits were issued.
- 2nd and 3rd Draw - Draw request inspections are performed as work progresses.
- 4th Draw - A punch list is established.
- 5th Draw - The project is closed out and warranties and lien releases collected.