The brief
A local health provider was set on building a new medical centre that provided patients with even better standards of care. Lenders were willing to listen but they required bank finance reporting from an independent third party, to make sure risks throughout the construction period were identified and mitigated. That’s where we came in, as quantity surveyors.
The solution
Due diligence during the initial reporting phase – including comprehensive review of documentation such as architectural plans, land survey, building contracts, project insurances, and the construction programme – gave both the risk-averse health provider and lender peace of mind that the project could be constructed within budget.
Our review found that a strong design and construction team was involved, which reduced the risk items to consider.
Once funding was approved, we visited the construction site on a monthly basis to monitor the value of work completed to date and assess the payment entitled to the builder. We also reviewed ongoing documentation such as the builder’s invoice, contract obligations, extension of time claims, ongoing consultants’ certificates, and boundary check surveys.
The outcome
Thanks to our estimating and monitoring expertise, the new medical centre was delivered on time and on budget, meaning patients could access the care they needed sooner rather than later. Our knowledge of the lender’s requirements helped the health provider navigate the various finance requirements. And our timely progress drawdown reporting ensured there were no cash flow issues.
Location: Christchurch
Sector: Health
Services: Quantity surveying – bank finance reporting
Prendos contact: Rory Crosbie – Director | rory@prendos.co.nz