Predicting, understanding, planning & managing the costs of property and construction projects.
Nobody wants to embark on a construction project that's not viable. Our professional quantity surveyors can help, by figuring out what a development will cost to complete.
While their appetite for risk may differ, all funders who provide finance to developers are aware of the risks that can arise on a construction project. That's why using
a professionally qualified quantity surveyor (PQS) is always advised.
By carrying out due diligence on a construction development, a PQS can help funders ensure the conditions attached to a development funding agreement are met - both prior to the development commencing and during its delivery.
How we can help
The Prendos quantity surveying team works closely with a range of project funders to see that the requirements of their lending agreements are met.
Drawing on their extensive experience, they consider the big picture of a development: the desired specification, design brief and constraints;the development appraisal and associated cost build ups; the design and construction programmes; and the design and construction team. They review this against the funder's requirements by obtaining relevant information from the developer and identifying any red flags to consider - ultimately allowing the funder to assess and address project risks accordingly.
The initial report
The initial bank reporting process helps flush out potential project risks prior to works commencing.
Our QS team will review the funder's lending requirements for a project and work with the borrower to gather all relevant project information. This will allow them to provide the funder with an initial bank funding report for the project.
As part of this reporting, our QS team will:
- Review initial feasibility development budgets,
- Consider procurement strategies for the project,
- Complete robust due diligence,
- Where required, recommend other technical experts are retained,
- Look at the project programming and consider the type of contract to be used,
- Factor in construction methodologies (ie, on and off-site construction),
- Look at development agreements, in particular sunset clauses,
- Comment on works which have not been allowed for, such as allowances for neighbourly matters that may arise or delays due to site constraints.
Draft reports can be prepared for review and discussion by the lender and developer. The final Initial Quantity Surveyor Funding Report will set out all unknown issues, allowing both funder and developer to enter into the financial agreement with their eyes wide open.
Minimising development risks
Ongoing quantity surveying input during the construction phase will ensure the project funders are kept informed of how the project is tracking. The QS will provide early warning to both sides if things are going off track and, in most cases, provide the funders with peace of mind that all is tracking along smoothly.
How a QS can help
- Assessing project risk: A QS will ensure conditions precedents are analysed and reported on in the initial funding report. This is also a chance for them to fully acquaint themselves with the proposed development.
- Considering compliance: During the initial reporting stage, a QS will review the adequacy of technical documentation supplied and identify any areas of concern.
- Early peer review: The QS may recommend further technical reviews such as façade and passive fire peer reviews. Completing these early in a project reduces delays and costs in the construction phase.
- The big picture: Bank Finance reporting always considers any wider issues associated with a development. A QS provides the complete picture -advising on associated risks and assessing consequences of variations during the draw down phase.
Our quantity surveying services
We work across sectors
Quantity surveyors in action
Matt King | matt king law
Robust, technically sound and realistic QS
Prendos provided our client with robust, technically sound and realistic QS and cost analysis on a complex construction contract case. We were very impressed with the quality of their work within tight timeframes.