Personally, whether or not I were in Puerto Rico, I would also hire a project manager to guard the chicken coop. I would never rely on the bank or the contractor to complete the work timely and to code. The project manager, usually an architect, performs interim inspections and reports problems to the owner independently, and submits AIA docs to the owner advising how much should be paid to the contractor for the scope completed at that point.
I would do this anywhere in the world. An owner is not knowledgeable enough to tangle with a contractor. They are all crooks.