It offers independent reviews of initial and interim monitoring reports on residential, commercial and development finance lenders’ security prior to releasing funds to help reduce lending risks throughout the loan cycle.
The service is being delivered by a team of experienced, internal project monitoring surveyors, and has been designed to review land and buildings — from new-builds to multi-phase sites.
“While it 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,” commented Daniel Owen-Parr, managing director at VAS Audit (pictured above).
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“Our aim is to create a better understanding of project monitoring reports and to highlight any weaknesses 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.”
The new offering — which was created following demand from existing lender clients, many of which already use VAS Panel Project Monitoring — can be fine-tuned to meet the demands of any lender or broker.
The VAS Panel project monitoring service launched in May 2020 in a bid to improve speed and quality of documentation, utilising its valuation panel management platform to provide development finance lenders with national coverage of monitoring surveyors.
“We are seeing more and more lenders offering development finance products, and this will only grow further,” added Stephen Todd, chief commercial officer and co-founder of VAS Group.
“This service will provide an essential second pair of experienced eyes to review both the report and the figures it’s based on, providing accurate, quick and cost-effective advice to help reduce risk for our clients."