The service will provide independent reviewing of initial and interim monitoring reports on the lenders’ security, to help reduce lending risks throughout the loan cycle.
It will enable lenders to audit project monitoring reports before releasing funds.
The reviewing service will cover land and buildings for projects from simple new-builds to conversions to multi-phase sites.
It will be delivered by a team of experienced internal project monitoring surveyors, and can be tailored to suit short-term and term lenders, or brokers.
Daniel Owen-Parr (pictured), managing director of VAS Audit, said: “The Project Monitoring review service has been in demand for a while, but we held off launching until we were certain of having the best people and systems in place to meet lenders’ and brokers’ requirements.”
“The aim is to improve understanding of project monitoring reports, and to highlight weaknesses or areas of concern. We believe that by proving ourselves, and the true value of this service, we will become a trusted partner to the commercial property and development finance sectors,” Owen-Parr said.
Stephen Todd, chief commercial officer and co-found of VAS Group, added: “We are seeing more and more lenders offering development finance products. This new service will provide an essential second pair of eyes to review the report and the figures it is based on, providing accurate, quick and cost-effective advice to help reduce risk for our clients.”
The new Project Monitoring review service from VAS Audit was developed following feedback from lenders, many of which already use VAS Panel Project Monitoring, which launched in May 2020.
The VAS Panel offering finds valuation panel members with internal building consultancy departments who can offer initial and interim project monitoring reports.
VAS Audit and VAS Panel are both part of VAS Group.