Renovate before you refinance, with someone on your side of the table.
Foundation First is the owner-side layer for small multifamily, mixed-use and light commercial projects in Hampton Roads. We build the scope and budget your lender will take seriously, get licensed contractors bidding the same job, and control every pay application and draw until closeout.
Why now
$875 billion of commercial and multifamily mortgages come due in 2026 (Mortgage Bankers Association, February 2026). Many owners will refinance at higher rates or sell. Either way, the building has to show its value, and a vague renovation plan costs you at the table.
Here is how it plays out for one owner. The loan comes due. The appraiser and underwriter look at a building with a capex backlog and a renovation budget that is really a guess. The value comes in short, and the owner brings cash to closing, accepts worse terms, or sells under pressure. A credible scope, budget and draw plan in front of the lender changes that conversation.
Is this you?
- You own a small apartment building, a mixed-use building with retail below, or small office or flex space in Hampton Roads.
- Your loan matures or resets in the next 24 months, or you plan to refinance or sell.
- You have a capex backlog: roofs, HVAC, building envelope, unit turns or life-safety items.
- A renovation is already underway and the budget, schedule or contractor paperwork is slipping.
Where these projects lose money
- A capex budget that was a guess, so the lender discounts it and the value or loan amount you planned on shrinks.
- Bids that don’t compare: different scopes, allowances and exclusions, so the “low” bid becomes the high one through change orders.
- Pay applications approved without lien waivers or matching progress, so you pay for work that isn’t done and inherit the subs’ liens.
- Change orders agreed in the field and fought over at the end, when the money is gone and the schedule is already blown.
What we do, step by step
- Capex and cost-to-cure budget. Unit and building scope, phasing and a budget to complete, in 10 business days.
- Preconstruction. One complete scope, 2–3 leveled bids from licensed contractors, the lender package and permit coordination.
- Construction. Pay-app and draw review, change control, schedule tracking and one report for you and your lender.
- Closeout. Lien releases, warranties and a closeout file your next lender can use.
What lands on your desk
Each step ends with something you can hand to a lender, a partner or a buyer:
- After the budget: a unit-by-unit and building-system scope, a phased budget with contingency, and a one-page summary for your lender.
- After preconstruction: one complete scope, 2–3 leveled bids side by side, our contractor recommendation and a lender package.
- Every month during construction: a draw review with a lien-waiver check, a change-order log, and a schedule and budget report.
- At closeout: lien releases, warranties, as-builts and a closeout file for your next lender, buyer or appraiser.
How the money moves
Funds flow from your lender or title company to the licensed contractor. We never hold construction money and take no markup on labor or materials. We’re paid only by the owner.
What it costs
| Service | Fee |
|---|---|
| Capex and cost-to-cure budget (one building) | From $3,500 |
| Preconstruction Controls | $2,500/month, 3-month minimum |
| Owner’s Rep Oversight (your GC holds the contract) | $3,500/month |
| Build Coordination (our licensed-partner path) | From 10% of hard cost |
Fees depend on building size, unit count and condition. We confirm a fixed fee for the capex budget after the first call, before you commit.
Builders taking on commercial work
Commercial jobs come with heavier paperwork: pay applications, lien waivers, schedules and owner reporting. Builder Project Controls runs that side so you can bid the work without adding office staff. See Builder Partners.
Common questions
Are you a contractor?
No. Licensed contractors hold the contracts, pull the permits and perform the work. We work for the owner.
Is this a Property Condition Assessment?
No. If your lender needs a PCA or an engineering report, we coordinate a qualified provider.
Will this get my refinance approved?
We can’t promise that. We make your scope, budget and draw file clear and complete, which is what lenders review.
Do you work with my existing contractor?
Yes. Owner’s Rep Oversight is built for that.
Who is this not for? Owners who want a contractor to self-perform the work, who need a lender-required PCA or appraisal (we can coordinate a qualified provider), or who want the lowest bid regardless of scope.
Got a building with a loan coming due?
Send us the address and your timeline. Call (757) 349-6750 or book a 15-minute call.
