VAS Audit Launches Project Tracking Reviews for Resi, Business and Development Lenders
VAS Audit has introduced a new Project Tracking Review service to help reduce risk for residential, commercial and development finance lenders.
The service will provide an independent review of initial and interim monitoring reports on lenders’ collateral, to help reduce loan risk throughout the loan cycle.
It will allow lenders to audit project monitoring reports before releasing funds.
The review service will cover land and buildings for projects ranging from simple new construction to multi-phase site conversions.
It will be delivered by a team of in-house experts with experience in project oversight and can be tailored to suit short-term and term lenders, or brokers.
Daniel Owen-Parr (Photo), Managing Director of VAS Audit, said: “The Project Tracking Review service has been requested for some time, but we delayed the launch until we were sure we had the best people and systems. in place to meet the requirements of lenders and brokers. . “
“The aim is to improve understanding of project monitoring reports and to highlight weaknesses or areas of concern. We believe that by proving ourselves and the true value of this service, we will become a trusted partner of the commercial real estate and development finance industries, ”said Owen-Parr.
Stephen Todd, Commercial Director and Co-Founder of VAS Group, added: “We are seeing more and more lenders offering development finance products. This new service will provide an essential second pair of eyes to examine the report and the numbers it is based on, providing accurate, timely and cost-effective advice to help reduce risk for our clients.
VAS Audit’s new Project Tracking Review service was developed following feedback from lenders, many of whom are already using the VAS Panel’s Project Tracking, which was launched in May 2020.
The VAS panel offering finds assessment panel members with in-house building consulting services who can offer initial and interim project monitoring reports.
VAS Audit and VAS Panel are both part of the VAS group.