Assemble a professionally developed Preliminary Financing Application Budget, as to be prepared in accordance with the defined delivery scope parameters, so as to secure the appropriate lending support necessary to facilitate the delivery & completion of the development program.
From the completed financing application, your development team will be able to assess the overall feasibility of the project and potential profit margins prior to our issuance of a formal loan application to the lender(s) of your choice. Using your current documentation information, professional reports and plan set details our formal Financing Application Budget submission will be presented in a "verifiable standard" for submission to the lender(s) of choice, through your brokerage service, to initiate the first stages of securing construction financing.
Our formal Preliminary Financing Application Budget will encompass the ‘entire’ defined project scope for both value analysis and for financing application purposes addressing the delivery and replacement financing aspects for the project. In doing so, our firm would provide direction in developing a current, realistic budget and contributing additional insight to the team to manage project costs where possible.
Confer and establish Leasing Arrangements with prospective tenants and / or leasing agents to satisfy the developed metrics o the devised development program.
Strategize and privately establish and secure an optimal Financing Commitment directly for the purposes of supplementing the program cost requirements as to ensure a successful delivery.
Fulfilling lending institutions’ Financial Loan Reporting requirements (as an independent third party) on either project financing programs or interim facility construction loans; through monitoring and reporting on project costs and reviewing of the overall project costs.
Assemble a proper Initial Budgetary Review for the defined project scope tailored in accordance with the individual lenders’ reporting requirements.
During the preparation of the Initial Budgetary Review, we would ensure all required documentation including: contracts, quotations, proposed project scheduling, applicable course of construction insurance, major sub-trades, permits, site investigations, cash-flow, projected sales etc. are reviewed, acceptable and in place; in accordance with the set-forth loan requirements. The function of this report is primarily to assist the lender in assessing program structure, to identify potential risks and to confirm financing adequacy in accordance with the lender’s proposed program scope and schedule.
Within our Initial Budgetary Review, we will summarize the provided documentation by entering the data into relevant formats that will provide a means for the lender to accurately assess budget distributions and apportionments using costs per unit, cost per square foot and percentages of elements in relation to overall project costs. Collectively this document will outline the parameters of the “Financing Program” to be monitored during the development’s execution.
Prepare the independent third-party Equity Verification report as typically required by lending institutions; coinciding with established lending requirements and standard reporting requirements.
To complete our Equity Verification report, we will request that the developer provide us with current ledger information, cancelled cheque details, invoicing and summary information to validate the land, soft costs and hard costs expended thus far on the proposed development project.
Furthermore, to supplement the validation endeavours, we would sequentially develop our professional QS Opinions of the Value of Work in Place (per building aspect, infrastructure, etc.), as has been performed on the project to date, through completing an on-site review assessment and verifying the work scopes found to be completed thus far. Our interpretations of the completed works will be established through our comparative review against the provided project documentation (i.e. Plan Sets and Specifications) which are to be provided to us for consideration (as outlined within Documentation).
We would conclude our assessment reporting through further completing a professional assessment of the projected ‘Costs to Complete’ for the said contracted scopes of work; as based on the observed works completed and confirming that adequate amounts have been allocated and retained to complete the said delivery aspects.
This notably, is a stated requirement for all development financing undertakings.
Execution and delivery of our independent third party monthly Progress Advance Reporting, as required to administrate the required loan funding;evaluating the value of work in place and cost to complete amounts.
Once a loan offer has been mutually accepted and the initial reporting stages formally completed, Progress Advance Reporting Submissions will be assembled and issued to the lender on your behalf, as completed on a regular basis.
As standard, the draw process (loan funding) typically commences once an Initial Budgetary Review has been submitted. At this time, we will obtain submitted invoicing and review the costs incurred (monthly) to fund actual cash flow requirements utilizing the established budget apportionments, via a Value of Work in Place / Cost to Complete basis (as dictated).
During the assembly of each reporting submission, we will have the opportunity to analyse any potential cost overruns, monitor the trade scope achievements and project possible future issues to maintain a functional cost control program throughout the development's execution.