Delivered by a team of internal project monitoring surveyors, the service offers an independent review of both initial and interim monitoring reports on the lenders’ security to further reduce lending risks throughout the loan cycle.
VAS Audit has launched project monitoring, a review service which enables residential, commercial and development finance lenders to audit project monitoring reports prior to releasing funds.
Delivered by a team of internal project monitoring surveyors, the service offers an independent review of both initial and interim monitoring reports on the lenders’ security to further reduce lending risks throughout the loan cycle.
It has been designed to review land and buildings from new-builds and conversions through to multi-phase sites.
VAS Audit’s project monitoring review service was created on the back of demand from existing lender clients, many of whom already use VAS Panel Project Monitoring which was launched in May 2020.
The VAS Panel offering finds shortlisted existing valuation panel members from its database who have internal building consultancy departments and can offer initial and interim project monitoring reports, improving speed and quality of all documentation.
Daniel Owen-Parr, managing director of VAS Audit, said: “Whilst the service has been in demand for a while, we held off launching our project monitoring review service until we were certain we had the best people and systems in the business to meet all lender and broker requirements.
“Our aim is to create a better understanding of project monitoring reports and to highlight any weakness or areas of concern.
"By proving ourselves and the true value of this service we will become a trusted partner to the commercial property and development finance sectors."
Stephen Todd, chief commercial officer and co-founder of VAS Group, added: “We are seeing more and more lenders offering development finance products, and this will only grow further.
“This service will provide an essential second pair of experienced eyes to review both the report and the figures it is based on, providing accurate, quick and cost-effective advice to help reduce risk for our clients.”
