Lender / Bank Cost Reports
Developers and owner-builders often find themselves needing to secure financing from a bank for their construction projects. However, banks have stringent criteria when it comes to approving loans, especially for construction. This is where a bank finance report becomes crucial.
A bank finance report provides a detailed breakdown of the estimated construction costs, ensuring that the bank has a clear understanding of the project's financial requirements. It demonstrates that the project's costs have been carefully calculated and managed throughout construction. It provides the lender with confidence that the funds will be used effectively.
Cost Control & Reporting
In simple terms, a bank finance report allows the bank to evaluate the loan recipient's financial history and reliability before approving the loan.
The goal is to ensure that the bank can make a profitable investment and that the borrower has the capacity to repay the loan in full. It also ensures funds are drawn down at appropriate times reflective of work undertaken,
At Dunvei Construction Consultants, our quantity surveyors conduct site visits and valuations throughout the construction process to ensure claimed amounts correspond with progress on site.
By providing a thorough and accurate report, we help secure the bank's confidence and support for your construction project.
How Can We Assist?
To complete a bank finance report, several documents must be gathered and thoroughly reviewed. We meticulously examine building plans, contracts, and insurance documents to ensure that our report is detailed, accurate, and exceeds industry standards. This level of detail strengthens the loan application, presenting a compelling case to the bank.
Our quantity surveyors have extensive experience in preparing comprehensive reports for both major and regional banks, boasting a 100% success rate and a one-week turnaround time to keep your project on track.
We also confirm the project's costing, ensuring that it is accurately quoted at market rates and identifying any potential underquoting that could cause problems later in the project. Additionally, our report includes a project cash flow table, which forecasts the stages at which the bank will release funds. These stages typically include:
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Foundation
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Structural
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Framing
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Rough-in
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Fit-off
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Completion
Our team can also prepare progress claims for each of these stages, which the bank will use to verify that the work completed matches the invoiced amounts.