Location: Dunedin
Sector: Residential
Services: Bank Finance Reporting
An experienced property developer approached Prendos for bank finance reporting on a four-unit townhouse development in Dunedin.
With many similar projects under his belt, he was confident in managing the build process himself, but knew professional Quantity Surveying input was essential – both to meet lender requirements and to reduce project risk.
The developer wanted to secure funding from a main bank so he could access the most competitive lending rates. His preferred lender required reporting from a professional Quantity Surveyor they trusted to provide independent, accurate cost information. Just as important to the developer was finding a QS with a strong understanding of the local market, ensuring cost estimates would accurately reflect Dunedin construction conditions and pricing.
Trusted, reliable QS reports
Prendos’ established reputation for delivering reliable, bank-approved reports has been built up over decades of providing similar services to main banks’ clients. Combined with our in-depth local market knowledge and extensive in-house cost database of similar projects, this meant we were ideally placed to meet the bank’s reporting requirements and help the developer secure funding on favourable terms.
Reducing risk for all stakeholders
Our Chartered Quantity Surveyors reviewed the project budget, programme and consent documentation, confirming they were realistic, complete and appropriate. This reduced risk for both developer and lender. We assessed the contracts, confirming compliance and recommending steps to meet all lending criteria.
Supporting smooth project funding
Once finance was approved from his preferred lender, we continued working with the developer throughout construction, preparing regular drawdown reports. These included site visits to verify completed works, track costs, and monitor the programme – helping keep the build on time and within budget. We responded promptly to all requests, including urgent ones, ensuring the bank could release progress payments without delay and allowing the developer to meet contractual obligations smoothly.
The Outcome
The result was a win-win: the main bank had full confidence in their investment, and the developer not only reduced project risk but also secured finance at lower interest rates than non-bank options, with the added reassurance of accurate, locally informed cost estimates.
Need help with bank finance reporting? Call us today on 0800 773 636 or email prendos@prendos.co.nz.