Before banks agree to fund property developments, they must have a good understanding of the construction aspects of the project in order to weigh up the risks that might impact on their loans. When a development is underway it must be carefully monitored, with regular site visits made in order to pick up any key issues as they arise. We advise when costs can be drawn down against the loan facility, and on the adequacy of the remaining undrawn loan to cover the forecast cost to complete.
Our Development Monitoring team has extensive experience in this area of work. We are on the approved panels of all the major development lenders in the UK. We liaise with banks, their lawyers and valuers at every stage of a development and every project is led by one of our senior staff. It is this close collaboration, and the direct involvement of Partners who have knowledge of the whole development process, which sets our Development Monitoring service apart.