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Good News in the Construction Industry

bank fund monitoringThe Building Surveying team at Daniells Harrison have seen a strong resurgence in the construction industry over the last twelve months, with the team being asked to carry out construction monitoring and project management across the country.

The construction schemes we have been involved in have ranged from small conversions, to commercial developments such as hotel extensions and refurbishments, to new housing developments.

We are appointed by the lending institution – banks or finance houses, to monitor the development sites. The process, also know as bank fund monitoring, usually involves an initial valuation by our Commercial Valuations team and then the Building Surveying team start the construction monitoring process.

Initially we investigate and compile a report for the lending institution making sure:

  • all statutory consents are in place – Planning, Building Regulations and Party Wall
  • we assess customers projected build costs
  • we review Specifications and Construction Drawings
  • we ensure the Programme is suitable
  • the correct insurance is in place
  • the correct contracts are in place
  • CDM Health & Safety regulations are in place
  • the entire project team is capable of carry out the construction project.

The report highlights any shortfalls that need to be addressed or finalised.

During the construction phase every time the developer needs to draw down funds, we carry out monitoring to make sure the current phase is completed to the required standards and we give the green light to the lending intuition to release the funds for the next phase of the project.

In essence, ‘we are the banks eyes and ears on site’.

Kevin Nicholls, a Chartered Building Surveyor at Daniells Harrison, who has been appointed as a bank fund monitor on many construction projects across the country over the last months comments;

The banks and finance institutions are becoming more willing to part with their money, with commercial developers seeking funding for new construction projects both in the commercial and residential sectors. It’s great to see so much activity in the construction industry.

Visit our construction monitoring page for more information or contact Nick Eames