The independent monitoring surveyor (IMS) service — which can be readily integrated with lenders’ originations and CRM systems — sources multiple quotations from qualified professionals and presents them to finance providers.
The software then allows a client to select a quotation, covering initial and period reports, and manage the development project through to completion.
The offering is free to use for both lenders and surveyors, with no licence and management fees or set up costs.
The service has been developed so that it can be deployed in isolation or in conjunction with the company’s valuation panel and procurement and process management system.
“Banks and lenders have always been aware of the importance of managing their valuation process and the practices that provide those reports in support of their secured lending activities,” said Stephen Henman, managing director at Method.
“Our new service enables the same level of attention to be afforded to the management of the IMS’s that provide ongoing project monitoring reports for lenders that deal with development finance.
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“The key risks to those lenders are that appointed surveyors might lack sufficient qualifications, experience or insurance to undertake such work, which would lead to an increased risk of loss should the advice provided be inaccurate or unreliable.
“For lenders, this system development ensures that only IMS practices that have the experience and ability to support their development finance needs are instructed for their work.”
Method’s bespoke algorithms, the individual lender’s criteria, and the IMS’s predefined capabilities will allow the system to select the most appropriate surveyors for a particular development.
“Our clients have advised us that existing valuation management software solutions struggle to process initial development monitoring assessments and periodic monitoring reports in the same way as quote requests and instructions for valuations,” Stephen added.
“As such, a fully integrated IMS service is something new to the market and is generating significant interest from existing and new clients alike.”
The fintech valuation panel management company introduced the Method xi software system in 2017, providing valuation panel management for over 50 clients in the UK, including banks, building societies, bridging lenders, development funders and P2P lenders.
In July, the business teamed up with Northumbria University to develop a commercial property AVM.