Contractors and owner-builders, at some point, may need to borrow money from a bank for a construction project. Banks have strict rules regarding lending money, this is where a bank finance report is relevant.
Simply, a bank finance report enables the bank to assess the history of the loan recipient before authorising the loan. This is to ensure the bank will remain profitable from the loan and that the loanee will pay it all back. Our quantity surveyors perform many background checks when preparing bank finance reports to guarantee the banks approval. This includes ensuring building licences and the builder’s insurance are current with no negative history.
Several documents must be collated for such a report to be completed. We meticulously review building plans, contracts and insurance documents to ensure the 12 – 14-page report exceeds standards and is as detailed as possible. The level of detail we put into this report also presents a strong case for the loan.
The bank approving the construction loan leverages on the bank finance report, it is crucial that everything is in order. Our quantity surveyors have years of experience preparing comprehensive bank finance reports for all major and regional banks. We also have a 100% success rate and a one-week turnaround time to streamline the project.
We can confirm the costing of the project – ensuring the project is accurately quoted at market rates and identify potential underquoting that could lead to issues halfway into the project. Additionally, we include a project cashflow table that forecasts the different stages at which the bank will release the money. Typically, the stages include:
Progress claims can also be prepared by our team for each of these stages for the bank that will verify the work completed against the invoice on the work charged.