Project Loan Monitoring
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We pride ourselves in creating a reliable and transparent environment by maintaining constant flow of communication between Lender and Client.
Concosts acts as a third-party reviewer for a Client’s project enabling a smooth working relationship toward a successful project. Through Project Monitoring, Concosts helps anticipate potential costs or schedule overruns and help advise the Client on methods to mitigate or eliminate potential issues before they happen.
Concosts is comprised of a versatile team of professionals from various backgrounds in construction, enabling them to provide accurate, effective and efficient Project Monitoring. Our knowledge of the industry and market trends ensures the most up-to-date forecasting and protection for both Lender and Client.
Concosts maintains an active role until completion to ensure each project is successful and that both Client and Lender are completely satisfied. Engaging Concosts as Project Monitors provides peace of mind that costs will be properly controlled, monitored and managed.
As a part of the construction loan agreement between the Client and Lender, Concosts typically prepares an initial Cost Report. After the initial Cost Report is accepted by the Lender, subsequent monthly progress claims are prepared during the construction process whenever the Client requests a draw from the loan. These reports provide the following key benefits:
- Full design drawing takeoffs to ensure no quantities are missed
- Ensures adequacy of budget
- Budget is updated if items are missed
- Provides supplementary discussion on various lending requirements
- Forecasting of potential problem areas
- Compares budget against current market costs
- Tender reviewing
- Value engineering
- Ensures adequate cost to complete
- Onsite review conducted to verify draw request
- Problem areas can be identified during site reviews
- Confirms all lending conditions of mortgage are met
- Prevents overspending by the Client